Korean Air receives nod from Thailand on Asiana takeover

Home > Business > Industry

print dictionary print

Korean Air receives nod from Thailand on Asiana takeover

 Korean Air Lines, Korea's biggest carrier, said Monday it has obtained its second overseas approval, from Thailand, for its planned acquisition of smaller local rival Asiana Airlines.
 
Korean Air said it recently received approval from the Thai regulator, following the first from Turkey in February.
 
It still needs nods from seven other countries and the European Union to proceed with the 1.8 trillion won ($1.6 billion) deal to acquire the debt-ridden Asiana.
 
The seven countries are Korea, the United States, China, Japan, Turkey, Vietnam and Taiwan.
 
Korean Air said in March it aims to launch a merged entity with Asiana in 2024 after completing a takeover process by next year.
 
The nation's two full-service carriers account for a combined 40 percent of passenger and cargo slots at Incheon International Airport, Korea's main gateway, below the level that constitutes a monopoly.
 
The two airlines suspended most of their flights on international routes in March 2020 as countries have strengthened their entry restrictions to stem the spread of Covid-19.
 
They have focused on winning more cargo delivery deals to offset the pandemic-caused slump in travel demand.
Yonhap
 
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now