In order to save the planned merger of Asiana Airlines and Korean Air, the board of the first named airline has given the green light to sell its cargo division. This will ensure that you still get the green light from the EU Commission.
This is how the competition authority expresses its opposition to the merger. There are fears that freight rates between South Korea and the European Union could rise sharply. Now Korean Air and Asiana Airlines want to get the EU Commission to agree by offering to sell Asiana’s cargo division. After lengthy discussions, the airline’s board gave the green light for this step.
If the sale actually goes ahead, it would eliminate a large chunk of the EU competition watchdogs’ concerns. However, this may not be enough as, according to a Reuters report citing a statement from the EU Commission, it appears to be insisting that passenger flights to some European cities must be suspended. These are likely to primarily be routes that are served by both carriers. The start and country rights would then have to be given to a competitor.
Formally, it is one of the airlines of Asiana Airlines while Korean Air. As soon as possible, the next generation carrier will subscribe to Asiana’s convertible bonds in the amount of 220 million US dollars. This will help the man who is responsible for the work.
In addition to the EU Commission, approvals from the USA and Japan are currently pending. However, there are far fewer requirements to be observed or concessions to be made there than with the EU Commission. Korean Air said in a statement: « As Korean Air continues its efforts to obtain approval from the European Commission, the airline will also communicate closely with the remaining regulatory authorities to complete the approval process as quickly as possible. »
The post Concession to the EU Commission: Asiana board agrees to sell the cargo division appeared first on Aviation.Direct.
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