- Title: Korean Air brings forward Asiana acquisition date to December 11
- Date: 3rd December 2024
- Summary: INCHEON, SOUTH KOREA (FILE - MARCH, 2019) (REUTERS) ASIANA PLANE LANDING INCHEON, SOUTH KOREA (FILE - APRIL 4, 2023) (REUTERS) VARIOUS OF KOREAN AIR AND ASIANA PLANES PARKED AT AIRPORT SEOUL, SOUTH KOREA (FILE - JULY 7, 2013) (REUTERS) EXTERIOR OF ASIANA AIRLINES HEADQUARTERS SIGN READING (English): "ASIANA AIRLINES" VARIOUS OF FLIGHT ATTENDANTS WALKING INTO BUILDING INCHE
- Embargoed: 17th December 2024 09:27
- Keywords: Asiana Air Korean Air M&A South Korea file
- Location: INCHEON, SEOUL, SOUTH KOREA
- City: INCHEON, SEOUL, SOUTH KOREA
- Country: South Korea
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA001426503122024RP1
- Aspect Ratio: 16:9
- Story Text: Korean Air said on Tuesday (December 3) it would complete its acquisition of smaller domestic rival Asiana Airlines by December 11, providing U.S. competition regulators do not raise objections before then.
The 1.8 trillion won ($1.3 billion) deal, first announced four years ago, has been hampered by competition concerns. Data from LSEG and Dealogic shows that the time taken from announcement to completion would be the longest ever for an M&A deal between airlines.
The U.S. Department of Justice would be the last of 14 regulators to approve or de facto greenlight the transaction. The DOJ declined to comment.
The previous closing date for Korean Air to take a 63.9% stake in indebted Asiana had been December 20.
(Production: Minwoo Park) - Copyright Holder: FILE REUTERS (CAN SELL)
- Copyright Notice: (c) Copyright Thomson Reuters 2024. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None