Asiana Shareholders Approve Korean Air Merger
The agenda for Asiana Airlines to be absorbed and merged into Korean Air was passed with overwhelming approval at the general meeting of shareholders. The business combination process of the two companies, which has continued for over five years since the acquisition was formalized in November 2020,
At a general meeting of shareholders held on August 12, Asiana Airlines approved the merger agreement with Korean Air, signaling the end of a five-year business combination process. The merger agreement, signed on May 14, was officially approved by 99.3% of the shareholders who attended, with 81.9% of shareholders in attendance. This approval paves the way for the creation of a 'mega carrier' that will significantly impact the domestic aviation industry.
Following the approval, the integrated Korean Air is set to launch on December 17. Asiana Airlines' representative, Song Bo-young, reflected on the journey, stating that it began in November 2020 and would culminate on December 17 with the successful completion of the business combination. He expressed excitement about the new chapter for the aviation industry in the Republic of Korea.
The merger process, which has been under strict scrutiny by domestic and foreign competition authorities, still has one key issue to address: the mileage operation plan. Asiana Airlines plans to consult with the Fair Trade Commission to ensure consumer interests are protected and minimize any inconvenience associated with the mileage integration.
The company is committed to preparing all necessary matters for a smooth integration following the shareholder approval. On the same day as the shareholder meeting, Korean Air held a board of directors meeting to resolve the merger approval agenda, continuing the administrative procedures for the integration.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
