16 November 2020
The country’s largest airline Korean Air announced it intends to buy a stake in Asiana Airlines, paying $1.6 billion for a 31% share.
Korean Air issued a statement: “The main reason behind Korean Air’s decision to acquire Asiana Airlines at this time is to stabilise the Korean aviation industry, which is suffering from the Covid-19 pandemic.
“Considering that Korean Air’s financial status could also be endangered if the Covid-19 situation is prolonged, it is inevitable to restructure the domestic aviation market to enhance its competitiveness and minimise the injection of public funds,” the Korean Air statement added.
