The U.K. Competition and Markets Authority (CMA) announced its approval of Korean Air’s business combination with Asiana Airlines on March 1.
Korean Air now awaits the business competition approvals from the E.U., Japan and the U.S.
The CMA announced on November 28 last year that it accepted remedies submitted by Korean Air, and would listen to market opinions before approving the business combination. Later, the CMA notified the airline on January 26, that it needed more time to review the remedies and would extend its review until March 23.
The European Commission launched its review of the merger on January 16 after two years of pre-consultation, and the second phase of the review has been underway since February 17. The US competition authorities have deemed it necessary to take more time to review the merger. The airline is in a preliminary consultation phase with the Japan Fair Trade Commission, and will submit an official report upon completion of the preliminary consultation.
Korean Air will continue to fully cooperate with all authorities to receive approvals at the earliest opportunity.
From January 2021, Korean Air has reported its business combination to a total of 14 competition authorities. Eleven countries including the U.K., have either approved the combination or have concluded the review on the grounds that the business combination was not subject to review or report.