Korean Air obtains first approval for acquisition of Asiana Airlines.
Korean Air Lines Co, South Korea’s largest airline, reported Wednesday that it has won the first foreign approval for the planned acquisition of rival Asiana Airlines Inc.
See also: Korean Air posts 2020 profit on cargo transport.
Korean Air received the first approval from Turkey last week after it submitted documents to antitrust authorities in eight countries and the European Union (EU) to go ahead with the Asiana acquisition deal, a spokeswoman for the carrier said via telephone.
The eight countries in question are: South Korea, the United States, China, Japan, Turkey, Vietnam, Taiwan and Thailand, Yonhap News Agency reported.
See also: Singapore Airlines delays delivery of Airbus and Boeing aircraft.
The spokeswoman said they expect there will be no major difficulties in obtaining approval from the remaining countries for the merger of the two airlines, as other larger deals have gone smoothly in the past.
The company said Korean Air and Asiana account for a combined total of 40% of cargo and passenger slots at Incheon International Airport, South Korea’s main gateway, so it does not constitute a monopoly.
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