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Korean Air chooses Air Incheon as preferred bidder for Asiana Airlines cargo arm
June 18th 2024
Korean Air (KAL) has named Air Incheon as its favoured buyer of Asiana Airlines' cargo freighter business. Read More » Asiana's divestment of its cargo operations was a condition the European Commission (EC) attached to its February approval of KAL's takeover of South Korea’s second international carrier. KAL expects to sign a framework agreement with Air Incheon by July after the parties reach consensus on the conditions of sale. “Korean Air selected Air Incheon as preferred bidder based on several key criteria: certainty of completing the transaction, the ability to maintain and enhance the long-term competitiveness of the air cargo business and the all-cargo carrier’s capability to mobilise funds through a competent consortium,” KAL said. It is planned “Air Incheon will strengthen its competitiveness by utilising the long-haul Asiana network to the Americas and Europe”, KAL said. The acquisition is subject to EC review.
