With the acquisition of a 63.88-percent stake, Korean Air said it had invested 1.5 trillion won in the merger, 'making Asiana Airlines a subsidiary' of the company.
SEOUL ― South Korea's flag carrier Korean Air said on Thursday it had bought a majority stake in rival Asiana Air lines for $1 billion, making it the effective owner four years after first expressing its takeover intentions.With the acquisition of a 63.88-percent stake, Korean Air said it had invested 1.5 trillion won in the merger, 'making Asiana Air lines a subsidiary' of the company.
The approval was also contingent on Korean Air making 'necessary assets' available to South Korean rival T'way Air to launch operations on four overlapping routes: Barcelona, Frankfurt, Paris and Rome.With Asiana Airlines as its subsidiary, Korean Air will 'strengthen the national aviation industry's competitiveness, enhance Incheon Airport's hub capabilities and expand its global network reach,' the airline said in a press release.
Air Buys Majority Stake In Rival Asiana Airlines
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