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Asiana Airlines Inc. said it will make its decision regarding the sale of its cargo business to secure the approval of the European Union regulators for its merger with Korean Air Co. via a buyout deal. The company said it hopes that its resolution will be of big help to the takeover.
Asiana Airlines said that executives will convene on Monday, Oct. 30, so they can decide if their plan to sell the cargo unit will proceed or not. The air carrier aims to aid its former rival, Korean Air, with its company acquisition.
Quest for the Elusive EU Approval
Korean Air has been seeking to receive the “go ahead” signal from the EU regulators for its acquisition of Asiana Airlines, which is the second largest airline in South Korea. Since the approval is taking time with no certainty, the latter is also taking steps for the antitrust watchdog to agree.
According to Yonhap News Agency, the main concern of the EU antitrust group is that the merger of Korean Air and Asiana Airlines will limit competition in the two markets- the cargo air and passenger transport services - between the EU and South Korea.
The board meeting has been set for today and will take place in the afternoon. Shareholders are said to be watching the developments closely because the result can either make or break the acquisition deal.
Shares of Asiana Airlines, Korean Air Surge Ahead of the Decision
In the morning trade on Oct. 30, it was reported that shares of both Korean Air and Asiana Airlines have increased. The result was boosted by the high expectations from the outcome of the board meeting, which is expected to bolster the chances for EU regulatory approval.
Korea Joongang Daily reported that Asiana Airlines’ stock price soared by 13.8% as of 9:47 a.m. today. On the other hand, Korean Air Lines gained a 0.56 percent increase, and its preferred stock is also up by 6.5%.
