Korean Air-Asiana Merger, EU to Decide by Mid-February

The European Union (EU) competition authorities reviewing the corporate merger between Korean Air and Asiana Airlines have decided to reach a conclusion by February 14, 2024. The EU Commission (EC) announced on its website on the 6th that “the review of the corporate merger between Korean Air and Asiana Airlines will be provisionally concluded by February 14, 2024.” Industry insiders expect that a decision on the merger will be made earlier than the February 14 deadline set by the EC.

Korean Air submitted a corrective action plan, including the plan to divest Asiana Airlines’ cargo business unit, to the EC on March 3. Additional materials required for the review were also submitted. In May, the EC released a report stating that if the two companies merge, competition in passenger and cargo transport on European routes could be weakened. Subsequently, the EC suspended the review in June. If the EC approves the merger, only the corporate merger reviews by the U.S. and Japanese competition authorities will remain.

Korean Air stated, “Following the EC’s lifting of the Stop the Clock, we plan to sincerely engage in the upcoming review process and strive to obtain approval as soon as possible.”

In relation to the merger of Korean Air and Asiana Airlines, discussions on the sale of Asiana Airlines' cargo business are scheduled at the board meeting on the 2nd. An Asiana Airlines aircraft is taking off at Gimpo Airport in Gangseo-gu, Seoul. Photo by Jinhyung Kang aymsdream@