Korean Air goes all out to get approval for Asiana takeover

Korean Air is putting all-out efforts into completing its takeover of Asiana Airlines by mobilizing and investing heavily to persuade competition authorities in major countries, according to the company, Monday. Competition authorities in each country are making various demands due to monopoly concerns. In order to dispel their concerns, Korean Air is continuing to consult on various corrective measures. To persuade the authorities of the countries that have not yet approved the deal, the company is operating a dedicated expert group for each country consisting of a total of 100 personnel who are cooperating with domestic and foreign law firms and economic analysis companies. From December 2020 to February this year, Korean Air spent well over 100b won ($75.6m) on expenses for domestic and foreign law firms and advisers. "Through active discussions, we have made considerable progress in securing and persuading new airlines to enter the US, EU and Japan routes," an official at Korean Air said. "We are doing our best to ensure that the competitiveness of the Korean aviation industry is not damaged in the long term." Korean Air must obtain business combination approval from a total of 14 countries, including Korea, to acquire Asiana Airlines. Among them, 11 countries, including Turkey, Taiwan, Thailand, Singapore, Australia and China, have approved the sale, while the US, the EU and Japan are still reviewing the deal. Among countries that are still in the process of screening the takeover deal, Japan is expected to give its approval first. <br/>