Singapore approves Korean Air's Asiana acquisition

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 its process to acquire the smaller domestic rival. In January last year, Korean Air submitted documents to antitrust regulators of 14 countries for the review of its business combination with Asiana. As of Wednesday, the company received approvals from seven countries ― Singapore, Vietnam, Thailand, Turkey, Taiwan, Malaysia and the Philippines ― for the integration while awaiting the go-ahead from seven countries ― South Korea, China, Japan, Britain, Australia, the European Union and the United States. 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 the carriers return some of their redundant airport slots and transportation rights 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% stake if the acquisition is completed. <br/>