24-May-2022 1:12 PM

Korean Air proceeding with efforts to secure antitrust approval for Asiana merger in six markets

Korean Air reported (23-May-2022) it is proceeding with efforts to secure approval from antitrust authorities in Australia, China, Japan, the US, the UK and the EU to acquire a 63.88% stake in Asiana Airlines for KRW1.8 trillion (USD1.4 billion) and subsequently merge the two airlines. The airline noted it has invested approximately KRW35 billion (USD27.7 million) up to Mar-2022 on consulting and advisory fees to secure approval for the merger, and is working with three global law firms, eight local law firms in individual countries, three economic research firms and two political advisory firms. As previously reported by CAPA, the merger has already received approval from antitrust authorities in Turkey, Taiwan, the Philippines, Malaysia, Vietnam, Singapore, Thailand and New Zealand. Korean Air stated antitrust authorities in the US, EU, UK and Australia require other airlines to launch services on select international routes operated by both airlines that are at risk of negative impact on competition following the merger, due to the two airlines representing a significant percentage of the market share. [more - original PR - Korean]

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