Korean Air delays merger of Asiana to 2024

Korean Air has delayed its purchase of Asiana Airlines to 2024, a move which will make Korean Air become the world's seventh-largest airline. However, there are several obstacles in the way, including monopolization issues and the future operations of low-cost carriers ― Jin Air, Air Busan and Air Seoul ― the two large airlines currently operate. According to ruling Democratic Party of Korea (DPK) Rep. Park Yong-jin's office, Korean Air submitted a post-merger integration plan to Korea Development Bank, proposing to acquire Asiana by 2022 and fully merge by 2024. Korean Air initially planned to complete the merger by next year after injecting 1.5t won into Asiana Airlines in late June to acquire a 63.7% stake. Industry insiders say the delay comes as Korean Air struggles to obtain approval from eight antitrust authorities in countries serviced by the carrier. The documents were submitted in January, but only Turkey has approved the deal so far, while seven other countries, including Korea, the United States, China, Japan, Vietnam, Taiwan and Thailand have not given their approval.<br/>