Asiana shareholders approve merger with Korean Air
Asiana Airlines Inc., the country's second-largest carrier, said Wednesday its shareholders have approved its merger with larger rival Korean Air, wrapping up nearly six years of the latter's acquisition process. Asiana held an extraordinary shareholders' meeting to vote on the merger, with an overwhelming majority of shareholders voting in favor of the deal with the national flag carrier, a…
In a significant development for the Korean aviation industry, Asiana Airlines Inc.'s shareholders have officially approved the merger with its larger competitor, Korean Air. The merger negotiations, which have been ongoing for nearly six years, were finalized at an extraordinary shareholders' meeting held by Asiana. The deal, valued at 1.8 trillion won ($1.6 billion), is expected to result in the creation of the world's 10th-largest airline by fleet size, marking a new chapter in Korea's aviation landscape.
Asiana's CEO, Song Bo-young, expressed optimism about the future of the merged entity during the shareholders' meeting. He stated that preparations for integrating the airlines' mileage programs are underway, pending approval from the Fair Trade Commission. The merger agreement was signed in May 2020, and the combined company will be named the Fair Trade Commission's decision is awaited.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
Also reported by 2 other outlets
- Asiana shareholders approve merger with Korean Air koreatimes.co.kr
- Asiana shareholders approve merger with Korean Air en.yna.co.kr
