Korean Air and Asiana Airlines have finalized their merger.
On August 12, Korean Air held a regular board meeting at its headquarters in the Seosomun Building in central Seoul, where it approved the merger agreement.
Korean Air met the requirements for a small-scale merger under Article 527-3 of the Commercial Act, allowing the board's resolution to substitute for a shareholders' meeting.
On the same day, Asiana Airlines convened an extraordinary shareholders' meeting at its headquarters in Oseo-dong, Gangseo-gu, Seoul, where it approved the merger contract.
At the Asiana Airlines shareholders' meeting, 81.86% of all shareholders attended, with 99.3% (167,436,677 shares) of those present voting in favor of the proposal. This fulfilled the special resolution requirements set forth in Articles 522 and 434 of the Commercial Act.
The merger resolutions from the Korean Air board and the Asiana Airlines shareholders' meeting officially accept the merger agreement that was approved by both companies' boards in May. Korean Air and Asiana Airlines plan to complete remaining procedures, including creditor protection processes, and register the merger by December 17.
Korean Air has been progressing smoothly with the post-merger integration (PMI) process since acquiring Asiana Airlines. Following a review by the Ministry of Land, Infrastructure and Transport, the merger was conditionally approved on June 25, and the securities registration statement submitted to financial authorities became effective on July 24.
To ensure seamless operations on the launch date of the integrated airline, the companies are closely coordinating with relevant authorities to obtain the Air Operator Certificate (AOC) and necessary operating permits from foreign aviation authorities.
With the merger resolutions now complete, the final preparations for the integration of Korean Air and Asiana Airlines are expected to accelerate.
In particular, the two airlines plan to strengthen their 'One Team' collaboration framework. They are focusing on system integration and cultural unification to provide safe operations and high-quality service from the first day of the new airline's launch.
Korean Air is conducting job training for employees responsible for passenger and cargo services at Asiana Airlines in preparation for the launch of the integrated airline, and training for operational and cabin crew is also underway.
The successful completion of joint emergency evacuation drills has demonstrated the capabilities of the crews from both airlines to ensure passenger safety after the merger. Additionally, joint volunteer activities among employees from both companies are expanding.
A Korean Air official stated, "We will do our utmost to complete all necessary procedures in the remaining four months before the launch of the integrated airline and to elevate the status of South Korea's aviation industry."
* This article has been translated by AI.
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