Transportation
Korean Air Wins EU’s Approval for $1.4 Billion Asiana Deal
- EU merger regulators approve airline deal with conditions
- Watchdog had warned deal could harm competition on EU routes
An Asiana Airlines Inc. passenger aircraft lands at Kansai International Airport in Izumisano, Osaka Prefecture, Japan.
Photographer: Buddhika Weerasinghe/BloombergThis article is for subscribers only.
Korean Air Lines Co.’s 1.8 trillion won ($1.4 billion) bid for smaller rival Asiana Airlines Inc. won approval from the European Union, moving the deal one step closer to reality after the firms offered to address concerns raised over competition.
The European Commission said on Tuesday that Korean Air Lines’ offer to sell part of Asiana’s cargo business as well as to enable entry for competitors on certain passenger routes between South Korea and Europe, was enough to smooth the passage of the deal to approval.