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(Seoul=NSP NEWS AGENCY) = Korean Air held a board meeting on October 30 and Asiana Airlines on November 2, respectively, and approved the remedies to be submitted to the EU Competition Authority(EC) and the conclusion of a new stock acquisition agreement regarding the business combination of the two companies.

Following the approval of the boards of directors of both companies, the remedies will be submitted to the European competition authorities. Both companies plan to make efforts to obtain approval as soon as possible starting from the submission of this final remedies to the European competition authorities. The companies also intend to accelerate the review of the merger by the remaining competition authorities.

In particular, with regard to the sale of Asiana Airlines’ cargo business division, which is the subject of interest, the plan is to pursue the sale subject to employment succession and
retention.

Meanwhile, liquidity support will be provided to Asiana Airlines following the conclusion of a funding agreement between the two companies, and Asiana Airlines’ management difficulties are expected to be somewhat resolved.

By Soon-ki Lee(s8789@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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