Airplanes of Korean Air and Asiana Airlines are seen at Incheon International Airport, in this December 2020 file photo. Yonhap
Korean Air Lines said Wednesday it has received "unconditional" regulatory approval from Singapore for its integration with Asiana Airlines in a move that could speed up the process of it acquiring the smaller domestic rival.
In January last year, Korean Air submitted documents related to its acquisition of Asiana to antitrust regulators in 13 countries and the European Union for review.
As of Wednesday, the company has received approval from seven countries ― Singapore, Vietnam, Thailand, Turkey, Taiwan, Malaysia and the Philippines ― for the integration while awaiting the go-ahead from the remaining six ― South Korea, China, Japan, Britain, Australia, and the United States ― and the EU.
The Korea Fair Trade Commission is scheduled to hold a meeting later in the day to review the case. The antitrust regulator is widely expected to approve the integration of the country's two biggest carriers on the condition that some redundant airport slots and transportation rights are returned to alleviate monopoly concerns.
Korean Air, currently the world's 18th-largest airline by fleet, will become Asiana's biggest shareholder with a 63.9 percent stake if the acquisition is completed.
In November 2020, Korean Air signed a deal to acquire the controlling stake in Asiana in a deal valued at 1.8 trillion won (US$1.5 billion) that would create the world's 10th-biggest airline by fleet.
The nation's two full-service carriers account for a combined 40 percent of passenger and cargo slots at Incheon International Airport, South Korea's main gateway, below the level that constitutes a monopoly.
Korean Air said it aims to launch a merged entity with Asiana in 2024 after completing a takeover process by next year, vowing to streamline routes and reduce maintenance costs.
The two airlines have suspended most of their flights on international routes since March 2020, as countries have strengthened their entry restrictions to stem the spread of the COVID-19 pandemic. (Yonhap)
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