Competition watchdog expects to complete Asiana Airlines takeover review by December
The head of the Korea Fair Trade Commission (KFTC) has told the lawmakers a review of Korean Air’s proposed takeover of Asiana Airlines will be completed by year-end. Read More » Korean media reported KFTC chairman, Cho Seong-wook, told the National Assembly the review was taking time because it involved many routes and coordination with other competition authorities. Cho also indicated there were concerns the deal could hinder market competition, according to the Business Korea website. The KFTC has asked antitrust authorities in eight countries, including the U.S. and EU, to review the takeover deal. It has been approved by regulators in Turkey, Taiwan and Thailand. Korean Air announced its plan to launch a 1.8 billion won (US$1.5 billion) takeover of financially troubled Asiana in November last year. The regulatory review had initially been due in June of this year. The delay has reportedly caused disquiet among Asiana’s creditors and staff.