Korean Air acquires 63.88% stake in Asiana Airlines

Korean Air acquired (12-Dec-2024) 131.6 million newly issued shares of Asiana Airlines, representing a 63.88% ownership stake and making Asiana Airlines a subsidiary of Korean Air. Korean Air made a KRW800 billion (USD558.7 million) payment to Asiana Airlines on 11-Dec-2024, increasing its total investment to KRW1.5 trillion (USD1.05 billion), following a KRW300 billion (USD209.5 million) deposit and KRW400 billion (USD279.4 million) interim payment. On 16-Jan-2025, Asiana Airlines will hold an extraordinary general meeting of shareholders to appoint new board directors nominated by Korean Air. Korean Air stated it "plans to complete the integration with Asiana Airlines within two years", noting: "The integration will proceed without workforce restructuring". The airline plans to submit an integrated frequent flyer programme framework to the Korea Fair Trade Commission by Jun-2025. [more - original PR - Korean]