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Korean Air submits amended merger plan to the EC

The European Commission (EC) has confirmed receipt of the "corrective action plan" submitted by Korean Air (KE, Seoul Incheon) in its last-ditch bid to secure approval for a merger with Asiana Airlines (OZ, Seoul Incheon). The EC says it received the amended submission on November 3, 2023, one day after Asiana agreed to divest its cargo arm.

While the plan's contents were not made public, it is known that the corrective action measures contained several concessions, including a proposal to surrender slots at four European airports, provide assistance to other airlines to begin operating to those airports from South Korea, and selling Asiana's cargo business. Korean Air and Asiana hold substantial cargo and passenger market shares on flights between South Korea and the European Union, and the EC's competition regulators hold concerns that the planned USD1.4 billion merger between the two airlines will see the new entity dominate the routes with adverse competitive outcomes.

In May 2023, the EC released its statement of objections to the merger, sparking a scramble by Korean...