The European Union has finally given the green light for Korean Air’s proposed takeover of Asiana Airlines.
The European Commission (EC) announced on November 28, 2024 that it has concluded its review after confirming Korean Air’s fulfillment of all required conditions for the merger with Asiana Airlines.
The approval gives Korean Air permission from 13 out of 14 relevant countries, excluding a pending review by the US.
In February 2024, the EC granted conditional approval of the merger, subject to two key requirements: ensuring stable operations of a remedy carrier on four overlapping European routes (Barcelona Airport-BCN, Frankfurt Airport – FRA, Paris Charles de Gaulle Airport (CDG) and Rome Airport (FCO), and the divestiture of Asiana’s freighter business.
Korean Air has designated South Korean low-cost carrier T’way Air as the remedy carrier for the European routes, with commitments to provide operational support including aircraft, flight crew, and maintenance services. Meanwhile, Air Incheon has been approved as the purchaser of Asiana Airlines’ freighter business.
Korean Air has submitted the European Commission’s final approval to the U.S. Department of Justice and hopes to complete the transaction by December 2024.
According to a report by Korea JoongAng Daily, once the merger is approved, Korean Air plans to keep Asiana as a subsidiary for two years before fully subsuming the carrier. During this intermediary period, the two airlines will exchange employees.