SEOUL, November 29 (AJP) - The long-awaited merger between Korean Air and Asiana Airlines is poised to finalize next month, following the European Union's final approval.
The European Commission announced Thursday that all conditions for the merger have been met, concluding the review process. With this, 13 of the 14 countries involved in the review have given their green light.
The United States is the sole remaining country to provide a decision. Unlike other competition authorities, the U.S. Department of Justice (DOJ) doesn't publicly announce its decisions. Instead, it either files an antitrust lawsuit to block the merger or silently approves it.
If no legal action is taken by the DOJ, Korean Air is expected to complete its acquisition of new Asiana Airlines shares by December 20, officially making Asiana a subsidiary.
The combined entity is projected to generate annual revenue of 24 trillion won ($17.1 billion), with Korean Air contributing 16 trillion won and Asiana Airlines adding 7.6 trillion won in 2023.
Additionally, the three low-cost carriers affiliated with the airlines—Jin Air, Air Busan, and Air Seoul—are also slated to merge.
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