Korean Air and Asiana Airlines Approve Merger, Finalizing Preparations for Integration

The merger between Korean Air and Asiana Airlines has been finalized.

Korean Air held a board meeting today (the 12th) and approved the motion for merger approval.

In the case of Korean Air, the merger met the requirements for a small-scale merger under the Commercial Act, allowing board approval to replace shareholder approval.

Asiana Airlines also passed the motion for approving the merger agreement as originally proposed during an extraordinary shareholders' meeting held on the same day.

The attendance rate was 81.9%, and the approval rate was 99.3%.

Asiana Airlines CEO Song Bo-young stated, "It has been a long journey spanning over five years since it began in November 2020," adding, "On December 17, we will successfully complete the corporate combination process with Korean Air and be reborn as the integrated Korean Air."

He further emphasized, "This will be the first step in writing a new history for South Korea's aviation industry as a mega carrier."

Korean Air and Asiana Airlines signed the merger agreement last May.

The two companies plan to complete remaining procedures, such as creditor protection, and register the merger on December 17.

Korean Air has been carrying out post-merger integration (PMI) procedures following its acquisition of Asiana Airlines.

Following a review by the Ministry of Land, Infrastructure and Transport, the merger between Korean Air and Asiana Airlines received conditional approval on June 25, and the securities registration statement (merger) submitted to financial authorities became effective as of July 24.

Procedures are also underway to obtain the integrated carrier's Air Operator Certificate (AOC) and flight permits from overseas aviation authorities to ensure aircraft can operate in time for the launch of the integrated airline.

With the completion of the merger resolution by both companies, final preparations for the integration are expected to accelerate.

The two companies plan to further strengthen their cooperative framework to become a "one team," focusing on system integration and organizational culture alignment.

Korean Air is also conducting education and training sessions for Asiana Airlines employees in preparation for the launch of the integrated airline.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.