FTC asked to speed up process of Korean Air-Asiana Airlines acquisition

Korea's airline industry is expecting travel demand to boom again after more than a two-year slump due to the COVID-19 pandemic as the government takes steps to initiate a phased return to normal starting from the second week of next month. However, the process of Korean Air acquiring rival Asiana Airlines, which began in November of last year, is taking longer than expected. The Korea Fair Trade Commission (KFTC) is raising concerns over Korean Air's possible monopoly in the domestic market if the acquisition is approved. The top antitrust watchdog says the combination of two full-service carriers can infringe on free competition in the flight service market. Top regulator Joh Sung-wook told lawmakers that the KFTC will try to conclude its review by the end of this year. But with the start of a phased return to normal next month, the KFTC is facing calls to speed up its review, because the airline industry is one of Korea's key business sectors. The acquisition proposal is subject to approval from countries or regions whose industries will be affected by the merger. Korean Air has sought relevant approvals however only Turkey, Taiwan and Thailand have given the deal the green light, while China, the EU, Japan, the U.S., and Vietnam are still reviewing the plan.<br/>