Korean Air appears close to gaining the clearances to take over Asiana Airlines, which would signal the end of a four-year journey through a regulatory maze.
Korean Air has reached an agreement with Air Incheon regarding the sale of Asiana’s cargo unit, which is expected to be split off after Korean takes over Asiana.
The Korean Air-Asiana merger process is spawning significant opportunities for other carriers thanks to competition remedies required by overseas regulators.
Korean Air has agreed to sell off Asiana Airlines' cargo business and support T'Way's European expansion to secure approval from Brussels for the takeover.
The Asiana board says it will meet again in November, after an Oct. 30 meeting about Korean Air’s proposal did not produce a decision on the freighter sell-off.
South Korean LCC T’Way Air could play a role in Korean Air’s proposal to ease concerns from European regulators about the merger of Korean Air and Asiana.