The merger of Korean Air and Asiana Airlines has received final approval from the boards of directors and shareholders’ meetings of both companies.
On August 12, Korean Air held a board meeting and approved the execution of the merger agreement. As the merger meets the requirements for a small-scale merger under South Korea’s Commercial Act, approval was finalized by a resolution of the board of directors. On the same day, Asiana Airlines also held an extraordinary shareholders’ meeting at its headquarters in Gangseo District, Seoul. Shareholders representing 81.86% of all shares attended, and the proposal was approved by 99.3% of attending shareholders (167,436,677 shares). The two companies will now proceed with the required procedures, including creditor protection procedures, and plan to complete the merger on December 17.
The merger process is progressing smoothly. On June 25, South Korea’s Ministry of Land, Infrastructure and Transport conditionally approved the merger of the two airlines. The securities registration statement submitted to financial authorities took effect on July 24. The companies are also consulting with relevant organizations regarding the procedures for obtaining an air operator certificate and operating permits from overseas aviation authorities.
The two companies are strengthening their cooperative framework to ensure a safe and smooth launch following the merger. Through multifaceted cooperation—including the standardization of systems and manuals, training for passenger and cargo personnel, joint emergency evacuation drills, increased interaction by working in the same spaces, and joint volunteer activities—they aim to continue providing safe, high-quality services after the merger.
