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EU Approves Korean Air-Asiana Merger

Written: 2024-11-29 10:07:21Updated: 2024-11-29 10:12:36

EU Approves Korean Air-Asiana Merger

Photo : KBS News

The European Union(EU) has approved Korean Air’s proposed takeover of Asiana Airlines, clearing a major regulatory hurdle for the four-year deal.

The European Commission(EC), the executive body of the EU, announced on Thursday that it approved the merger deal after reviewing remedy measures by Korean Air and deciding the measures fulfilled EU conditions. 

The EC said it has approved Air Incheon as a suitable purchaser for Asiana’s cargo business, saying Air Incheon is independent from Korean Air and Asiana and does not raise competition concerns.

The final approval came nine months after the EC granted conditional approval in February if the deal met certain prerequisites, including the sale of Asiana’s cargo business and the transfer of four overlapping European passenger routes to a domestic low-cost carrier.

Korean Air has already surrendered the four routes — Rome, Barcelona, Frankfurt and Paris — to the domestic budget carrier T’way Air and provided support for their operation.

The EU approval means Korean Air has now gained permission from 13 of the 14 required countries, with a review by the United States pending.

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