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Asiana Airlines is reportedly exploring the possible sale of its cargo business to give way to its merger with Korean Air. Likewise, the South Korean budget airline may abandon its Asiana Cargo subsidiary to finally complete its merger deal with Korean Air Lines Co., Ltd.
According to The Korea Herald, Asiana Airlines is expected to start talks for the sale of its cargo unit. This move is being considered as part of a new plan to secure approval for its merger with the flag carrier of South Korea.
Reason for the Proposed Disposal of Asiana Cargo
Asiana’s potential divestment of its cargo business came up because its acquisition agreement with Korean Air is currently facing antitrust concerns in Europe. The company is planning to submit a revised merger plan to the European Commission later this month.
It has to modify the plan as the European regulator rejected the original. The officials said the merger could diminish cargo and passenger transport service competition between South Korea and Europe. Based on the information shared by insiders, this agenda could be discussed at the upcoming board meeting of Asiana.
Korean Air Lobbying for Asiana Merger
It was reported that Korean Air has been spending quite a lot of cash on lobbying for its Asiana Airline acquisition. As per ch-aviation, since early 2022, Korea’s flagship airline already spent $520,000 on lobbying efforts in the United States. With this move, the company is attempting to triumph over the Department of Justice’s (DOJ) reluctance to accept its proposed merger with Asiana.
Korean Air and Asiana need to secure the approval of antitrust regulators in 14 countries, and while the majority already approved, the firms still have to deal with a few, like Europe.
Meanwhile, the European Commission is expected to hand its decision on the deal by January of next year.
Photo by: Dominic Bieri/Unsplash
