December 08, 2023 12:30
The European Union has promised to make its decision on Korean Air's planned takeover of Asiana Airlines before Valentine's Day next year.
The EU Commission said in a notice posted on its website Wednesday that the decision will be made before Feb. 14.
The wedding requires individual approval from several overseas authorities. While 11 countries including the U.K. have given the green light, the EU, U.S. and Japan have reservations and have not yet come to a conclusion.
The EU, in particular, has expressed concerns about potential monopoly issues if the two companies merge and demanded solutions, even extending the period for review. Korean Air submitted a new plan last month that includes selling off Asiana's cargo business unit and giving up some European routes.
The takeover could be called off if the new plan does not meet with EU approval.
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