Status Update : Corporate Merger of Korean Air And Asiana Airlines

European Union Competition Authorities Have Approved The Merger Of Korean Air And Asiana Airlines

The EU’s decision is a ‘conditional approval’ subject to the implementation of remedial measures. The EU’s conditional approval is contingent on the divestiture of Asiana Airlines’ cargo business and on T’way Air from Korean Air actually operating four redundant routes in Europe.

With combined revenues (Korean Air + Asiana) of KRW 20 trillion as of last year, Korean Air plans to finalize the merger review process as soon as possible while focusing on discussions with US competition authorities.

What This Decision Means?

Many mergers and acquisitions by global companies have failed to clear competition authorities, particularly in the European Union, where the stakes are higher. Korean Air’s bid to cross the EC threshold was to divest its cargo business, which accounts for more than 20 percent of Asiana‘s revenue, and it got the green light. In January 2021, Korean Air received clearance from 13 of the 14 required filing countries for the merger, with the exception of the U.S. The final merger now only needs to be approved by U.S. competition authorities.

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