South Korea’s antitrust watchdog has approved HDC Hyundai Development Company’s acquisition of shares of Asiana Airlines, officials said Friday.
HDC signed a deal to acquire 61.5 percent of the airline’s shares on Dec. 27 and reported it to the Fair Trade Commission on Jan. 30.
“There is no concern of restricting competition,” after reviewing the effect of the tie-up on competition in related markets, the FTC said.
“(We) judged that the major sectors of the combined businesses -- civil engineering and air transport -- differ. There is no danger that the merger would limit competition in the market,” said an FTC official.
This case has been reported to several other authorities, including the US, China, Russia and Kazakhstan. A final review is currently underway.
By Shin Ji-hye (email@example.com)