Russia approves HDC’s Asiana takeover, final stage for merger deal cleared: HDC

South Korea's HDC Hyundai Development said Friday that it has received approval from Russian aviation authorities for HDC’s planned takeover of Asiana Airlines, but added that renegotiation of the acquisition terms is still underway. Regarding the merger deal involving the air carrier, HDC had to receive approval from six of the nations that Asiana flies to as a prerequisite. HDC had planned to complete the deal by the end of April after regulators in the United States, China, Kazakhstan, Uzbekistan, Turkey and South Korea approved the merger deal. But the closing date for the deal was postponed to “a date agreed by both parties” following a delay in Russia’s approval. The contract expiration date was June 27. HDC said Friday that the Russian authorities notified HDC of approval for the takeover on Thursday at 11 p.m. With the final block to the planned acquisition of Asiana cleared, HDC said it has requested Asiana’s creditors review the acquisition status since negative situations have been impacting the takeover deal. “Although the process for corporate merger approval has been cleared, other prerequisites for a takeover deal such as sincere attitudes from Kumho Industrial and Asiana Airlines must be reached for deal closing,” said HDC in a statement released to reporters Friday.<br/>