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11.22 (금)

U.S. sources indicate ‘Korean Air-Asiana merger’ decision imminent

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Ambassador Cho Hyun-dong meets DOJ Antitrust Chief Jonathan Kanter to discuss key U.S.-S. Korea antitrust issues

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Cho Hyun-dong, South Korea's ambassador to the U.S. (left), poses for a commemorative photo with Jonathan Kanter, Assistant Attorney General for the Antitrust Division, at the U.S. Department of Justice on Nov.19. /Courtesy of Embassy of South Korea in the U.S.

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Cho Hyun-dong, South Korea’s ambassador to the United States, met with Jonathan Kanter, assistant attorney general for the Antitrust Division at the U.S. Department of Justice (DOJ), on Nov. 19 to discuss critical antitrust issues affecting both nations. Kanter, who heads the DOJ’s Antitrust Division, shares regulatory duties with the Federal Trade Commission (FTC) as one of the U.S.’s two principal antitrust authorities. The meeting coincided with the DOJ’s impending decision on the merger between Korean Air and Asiana Airlines. On Nov. 20, a local source revealed that the approval process for the merger “appears to be essentially complete.”

During their meeting at the DOJ, Ambassador Cho thanked Kanter for his attention to bilateral concerns, stating, “We look forward to continued cooperation between our two countries in the field of antitrust regulation.” Kanter responded, “Based on the close collaboration we’ve had so far, I believe our cooperation in this area will continue to strengthen.”

Appointed by President Joe Biden in July. 2021, Kanter has gained recognition as a staunch opponent of monopolistic practices, particularly by Big Tech, earning him the nickname “Google’s Nemesis.” Since assuming his role, Kanter has pursued a more aggressive approach to corporate mergers and market dominance abuses compared to his predecessors. Together with FTC Chair Lina Khan, dubbed “the woman making Big Tech tremble,” Kanter has become a central figure in the Biden administration’s antitrust agenda.

According to industry sources, the U.S. competition authorities are expected to finalize their review of the Korean Air-Asiana merger as early as this month. In the U.S., this process involves concluding the review rather than issuing formal approval.

Korean Air submitted its merger notification to 14 countries in 2021. In Nov. 2022, the DOJ extended its review period, citing the need for additional scrutiny. Earlier this year, the European Commission (EC) conditionally approved the merger and is expected to announce its final decision around the same time as the DOJ. Speaking to Bloomberg in June, Hanjin Group Chairman Cho Won-tae expressed confidence in the outcome, stating, “We have fully addressed all the requirements set by the U.S. and the European Union (EU), and we expect to receive approval for the merger from the U.S.”

[Kim Eun-joong (Washington)]

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