Korean Air targets completion of Asiana acquisition in 2024

Korean Air said it expects to complete the acquisition of Asiana Airlines this year, as it acknowledged that the process had “taken much longer than expected”. In a message to employees on New Year’s Day, airline chief Walter Cho said he is “confident” the merger – first announced in November 2020 amid the Covid-19 pandemic – will finalise this year. The integrated airline will “be a tremendous growth engine for us in the long run”, Cho added, urging employees to “work together” in its launch. “Korean Air will be poised to stand shoulder to shoulder with global leading airlines. The merger will optimise our network and allow us to operate to new destinations, so that we may offer customers more choices.” Last month, European Union competition regulators set a February deadline to review Korean Air’s proposed acquisition of Asiana Airlines. The two airlines last year gained board approval to sell the cargo business of Asiana Airlines to offset concerns about the market share the combined entity would have on the Korea-Europe trade lane. While the acquisition has gained approvals from several regulators, including in Singapore, the UK and China, it has faltered in major jurisdictions such as the EU, USA and Japan.