JFTC allows the proposed acquisition of Asiana Airlines by Korean Air subject to remedies proposed

The Japan Fair Trade Commission (JFTC) has approved the proposed acquisition of Asiana Airlines Inc. by Korean Air Co., Ltd. subject to divestment of slots held by either of the parties on the overlapping routes at the airports & divestment of global air cargo business of Asiana Airlines operated by its dedicated freighters to an independent third party. The JFTC further ruled that, in order to avoid any immediate substantial lessening of competition in the market, the parties shall take necessary measures to maintain competition, until, the expansion or entry of the potential competitors becomes a reality.