Asiana shareholders approve merger with Korean Air

SEOUL, Aug. 12 (Yonhap) -- The shareholders of Asiana Airlines Inc. have unanimously approved the merger with larger competitor Korean Air Co., concluding a six-year acquisition process. At an extraordinary shareholders meeting held on Wednesday, a significant majority of Asiana's shareholders voted in favor of the deal, which involves the national flag carrier Korean Air.

In November 2020, Korean Air announced its intention to acquire Asiana for a deal valued at 1.8 trillion won (US$1.6 billion), a transaction that would result in the creation of the world's 10th-largest airline by fleet size. Asiana's Chief Executive Officer, Song Bo-young, stated at a press briefing that the merged carrier will establish a new chapter in South Korea's aviation industry.

The integration of the two airlines' frequent flyer programs is currently under review, pending approval from the Fair Trade Commission. The merger agreement was signed in May, and the newly formed Korean Air is set to commence operations on December 17, with the Asiana Airlines brand being discontinued. On the same day, Korean Air will convene its board meeting to finalize the merger with Asiana.