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Australia approves takeover of Korean AirAsia

The Australian Competition and Consumer Commission (ACCC) has approved Korean Air’s acquisition of Asiana Airlines. This was reported by Korean Air. With Korean Air and Asiana currently the only direct service providers between Sydney and Seoul, Qantas and Jetstar will soon launch flights on the route, allowing for effective competition, the ACCC pointed out.

“We believe the Qantas Group, offering its full-service and low-cost airlines on the Sydney-Seoul route, promises effective competition,” ACCC Chair Gina Goss-Gottlieb said.

Korean Air is seeking approval from the Australian Competition Authority to further simplify and expedite approval processes. This applies to the United States, the European Union, China and Japan, where a statement of affiliation is required.

Korean Air has received approvals from Korea, Turkey, Taiwan and Vietnam since the airline submitted reports on the proposed merger to nine countries, which are due to report on January 14, 2021. Thailand’s Competition Authority said there was no need to submit a report.