After consulting with relevant stakeholders, the Australian Competition and Consumer Commission (ACCC) has decided to approve Korean Air’s acquisition of Asiana Airlines.
Even though Korean Air and Asiana are the only carriers offering direct flights between Sydney and Seoul, the ACCC has said that Qantas and Jetstar will soon launch services on this route, introducing effective competition.
ACCC Chair Gina Cass-Gottlieb stated that the availability of both full-service and low-cost airlines by the Qantas Group on the Sydney–Seoul route indicates that effective competition is likely to exist.
Korean Air anticipates that permission from the Australian competition authorities will facilitate and expedite the remaining regulatory processes.
Korean Air has gotten clearance from Korea, Turkey, Taiwan, and Vietnam after submitting business combination reports to the nine nations that need reporting on January 14, 2021. Regarding company mergers and acquisitions, the Thailand Competition Commission has said that no formal report has to be filed.
Korean Air has also been given the all-clear by Singapore and Malaysia, both of which have a more subjective approach to reporting. The business merger report was determined to be unnecessary by the Philippines.
Korean Air will maintain open lines of communication and cooperation with the United States, European Union, China, and Japan, as well as the United Kingdom, where reporting is discretionary, in order to complete the acquisition process.