Korean Air, South Korea’s largest airline, is planning to sell Asiana Airlines’ air cargo business and relinquish routes to four European cities as part of its efforts to secure European Union antitrust approval for its acquisition of Asiana.
This move aligns with a broader trend of consolidation in the airline industry, as seen with Lufthansa’s stake in ITA Airways and IAG’s acquisition of Air Europa. Korean Air is currently in discussions with potential buyers for these assets and intends to present the package, along with the selected remedy taker, to the European Commission by the end of October.
The European Union antitrust regulator had raised concerns about the deal potentially reducing competition in passenger and air cargo transportation between Europe and South Korea, leading to a pause in its investigation. The UK competition agency, in contrast, opted not to initiate a full-scale investigation earlier this year.
(Source: Foo Yun Chee | Heekyong Yang | Kirsten Donovan | Reuters)
