Proposed merger of Korean Air and Asiana Airlines information
South Korean government policy
Korean Air (left) and Asiana Airlines (right) aircraft
The proposed merger of Korean Air and Asiana Airlines is a policy announced by the Government of South Korea in November 2020, which would result in Korean Air absorbing Asiana Airlines creating a dominant carrier in South Korea.[1]
The merger is now viewed as increasingly unlikely given the regulatory headwinds.[2]
For the merger to proceed, antitrust approval is necessary from competition authorities in key markets for the carriers. Out of the six essential markets, approval has been granted in all except one. As of February 2024, authorities in one essential market, which is the United States, have yet to approve the merger.[3]
In February 2023, it was confirmed that the merger would not proceed without approval from authorities in the European Union and the United States. At the time, the Korean government did not view approval in the EU and US as likely. Backup plans such as an equity investment from foreign backers (with the UAE-based Mubadala Investment Company suggested) into Asiana to help it remain viable are being explored.[4]
In May 2023, it was reported that the United States Department of Justice is considering filing suit to block the merger as anticompetitive.[5]
In August 2023, the Korea Economic Daily reported that the Korean Development Bank was seeking a plan B in preparation for the proposed merger's collapse.[6] This was due to a rising belief that American and European authorities would block the consolidation. On September 27, 2023, Yonhap reported that Korean Air had submitted an amended application to the European Commission, proposing divestment of Asiana's cargo division and giving up slots at some EU airports, including Barcelona, Rome, Paris, and Frankfurt to satisfy competition concerns.[7][8]
^"대한항공·아시아나 통합 국적항공사 출범…산은 8천억 투입" (in Korean). Yonhap News Agency. November 16, 2020. Archived from the original on February 14, 2021. Retrieved November 16, 2020.
^"Stance on Korean Air-Asiana Merger Unchanged Despite Opposition from US DOJ". Businesskorea (in Korean). June 26, 2023. Retrieved August 13, 2023.
^Kyong-ae, Choi (June 19, 2023). "(Yonhap interview) Korean Air needs to address monopoly concerns over merger with Asiana: minister". Yonhap News Agency. Retrieved August 13, 2023.
^"Korean Air mulls "Plan B" if proposed Asiana merger fails". ch-aviation. February 21, 2023.
^"Biden administration may sue over Korean airline merger". POLITICO. May 18, 2023. Retrieved May 22, 2023.
^Global, K. E. D. "KDB girds up for Korean Air-Asiana deal collapse with Plan B". KED Global. Retrieved August 9, 2023.
^"Korean Air bows to EC merger demands, amends submission". ch-aviation. Retrieved September 27, 2023.
^"Korean Air mulls divestment of Asiana's cargo business for merger". Korea JoongAng Daily. September 26, 2023. Retrieved September 27, 2023.
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Global Information
