The Ministry of Commerce of the People’s Republic of China (MOFCOM) announced its approval of Korean Air’s business combination with Asiana Airlines on December 26.
MOFCOM has demanded that the merged Korean Air-Asiana entity reduce its market share due to competition concerns, to which Korean Air has submitted remedies proposing to transfer slots to any new airlines wishing to start air services on nine routes where both Korean Air and Asiana Airlines operate. Five of the nine routes have been proposed by the Korea Fair Trade Commission (KFTC) earlier this year and an additional four routes have been advised by MOFCOM.
Korean Air expects MOFCOM’s approval of the business combination to play a positive role in the review process of the remaining competition authorities.
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