South Korea Hurries Review Of Korean Air – Asiana Merger

Korea’s competition regulator stated it will speed up the review of the Korean Air – Asiana Airlines merger. Korean Air agreed a deal to acquire a 63% stake in Asiana in November 2020. The Korea Fair Trade Commission (KFTC) stated it will “swiftly and closely” complete a review of the takeover deal.

KFTC vice-chief Kim Jae-shin said a decision is likely by February. It is expected to be approved with conditions and would make the merged airline the world’s 10th largest.

“We expect the KFTC to hold a deliberation session to make a decision in January or February,” Kim Jae-shin, vice chief of the regulator, told a press briefing.

The Commission recently sent a report to Korean Air, which a company official said detailed conditions for approval of the takeover.

Korean Air said it was closely reviewing the commission’s report. The flagship carrier will have four weeks to review it, according to the regulator.

If approved, the takeover is expected to reshape the country’s airline sector that has been reeling from the fallout of the COVID-19 pandemic.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.