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39-573: As a result of merger with Korean Air , the airline, as well as parent company Air Busan will be integrated with Jin Air, Korean Air's subsidiary. Since early 2014, Asiana Airlines had considered launching a second low-cost carrier (LCC) in addition to Air Busan . It initially faced difficulties in proceeding with the project because of the Asiana Airlines Flight 214 crash in July 2013. Asiana has only

78-690: A long four-year review of the merger, EU finally approve its merger in November 2024. The acquisition transaction is expected to be finalized within 2024, after which Asiana Airlines will become a subsidiary of Korean Air and operate independently for two years. The two entities will then integrate into a single airline in 2026 following organizational adjustments, such as workforce realignment. Once merged, Asiana will end its 38 years of operation history as well as its subsidiary Air Busan and Air Seoul. On November 16, 2020, Ministry of Land, Infrastructure and Transport of Korea announced Korean Air's proposed acquisition

117-602: A majority stake in a New York–based Fortress Investment Group from the SoftBank Group . The $ 3 billion takeover was intended to be closed in the first quarter of 2024. However, the deal that would give Mubadala 70% stakes in Fortress was being scrutinized by the U.S. national security officers. The deal, which raised concerns for the US over the UAE's ties with China, was being closely reviewed by

156-493: A member of SkyTeam. If the merger proceeds, South Korea's Ministry of Land, Infrastructure and Transport intends to integrate the carriers' low-cost carrier subsidiaries ( Air Busan , Air Seoul , and Jin Air ) into a combined low-cost carrier which will focus on regional airports in Korea. Specifics of the merger if approved would include the following: Korean Air Chairman/CEO Walter Cho and President Woo Kee-hong confirmed that

195-623: A minority 46% stake in Air Busan, while it has a controlling stake in Air Seoul. Air Busan is based in Busan, which has allowed other LCCs such as Jin Air and Jeju Air to fill the Seoul market; Air Seoul is based in Seoul. The goals of Air Seoul are to strengthen Asiana's competition with other South Korean LCCs and to improve Asiana's performance in certain markets, such as secondary Japanese cities. The airline

234-484: A purely international airline. In 2018, it carried 1.7 million passengers in 2018, up by 109% from 2017. On 16 December 2019, Air Seoul launched a Hanoi – Seoul route. The airline has confirmed that Tam Vuong had become an official representative of Air Seoul in Vietnam . In 2023, the airline achieved its best-ever performance, with revenue of $ 310.9 billion and operating profit of $ 64.4 billion. Its operating profit margin

273-563: A spokesperson's remarks, stating that "the screening will proceed in the affirmative." On December 26, 2022, the Ministry of Commerce of China announced its approval of Korean Air’s merger with Asiana Airlines. On March 17, 2023, the European Commission (EC) released the results of an in-depth investigation concluding that the merger would restrict competition with a concentration of market power between Europe and Korea. Specifically,

312-567: A stake in G42. In 2021, Mubadala purchased a 2.6% stake in En+ Group , a manufacturer of green aluminum, from Polina Yumasheva, the former wife of Russian businessman Oleg Deripaska . The same year, Mubadala purchased MetrôRio, the company that holds the operations for the Rio de Janeiro metro, from Invepar . In 2016, Mubadala became the biggest external shareholder at Investcorp , after acquiring 20% stakes in

351-686: Is a parent company of GlobalFoundries , a semiconductor foundry company. Mubadala owns stakes in numerous companies, including a 7.5 percent share in the Carlyle Group . In 2007 Mubadala announced an initial investment in AMD . As of 2017 Mubadala had a stake of 12.9 percent in the chipmaker. In 2019 Mubadala sold its entire stake in AMD. In November 2020, Mubadala transferred ownership of two information technology companies it previously owned, Injazat and Khazna, to artificial intelligence company, G42 , and took

390-548: Is a wholly-owned investment vehicle of the government of Abu Dhabi , and Sheikh Mansour bin Zayed Al Nahyan , vice-president and deputy prime minister of the United Arab Emirates, is chairman of the company. Mubadala has invested in logistics software startup Turvo, Alphabet -owned self-driving technology company Waymo , Reliance Jio Platforms , UK life sciences company Envision, and Telegram . Mubadala

429-534: The Asiana Airlines . The merger plan was approved by Korean Air's board on the same date. Korea Development Bank , a state-owned bank, agreed to provide 800 billion won (655.73 million USD) to Hanjin Group to help finance the merger between the airlines. Korean Air is currently a member of SkyTeam while Asiana is a Star Alliance member. If the merger is approved and completed, the combined airline will become

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468-544: The Bahraini firm. In 2023, a former UK minister, Gerry Grimstone was criticized for conducting and not declaring 13 meetings with Mubadala and Khaldoon al-Mubarak, after acquiring the role as an adviser and the chair of planned climate fund at Investcorp. In March 2021, Grimstone finalized a deal between the UK and Mubadala, allowing it to oversee investment of around £10 billion in the UK from

507-544: The Commission cited reduced competition on passenger routes between South Korea and France, Germany, Italy, and Spain and reduced competition for air cargo between all of Europe and South Korea. The Commission suspended its investigation into the merger in June 2023 due to the companies' failure to provide proposed corrective remedies before the Commission's deadline. In October 2023, Korean Air announced proposed remedies to address

546-486: The Commission's concerns by divesting routes to Barcelona, Frankfurt, Paris, and Rome and surrendering them (alongside slots at the relevant airports) to T'way Air , a South Korean low-cost carrier, while leasing Airbus A330 aircraft with flight crew. Korean Air would also sell Asiana Airlines ' cargo division, with the Asiana board giving its approval to the plan in November 2023. Korean Air resubmitted its application to

585-556: The Committee on Foreign Investment in the US ( Cfius ). Mubadala operates through four investment platforms of significant scale. The company's Advanced Technology Investment Company (ATIC) in 2008, is an investment company in the high-technology sector. ATIC owns the semiconductor foundry companies GlobalFoundries , and Chartered Semiconductor Manufacturing (which later merged with GlobalFoundries). ATIC has invested in Calxeda ,

624-632: The Department of Justice in the United States, an essential market for the carrier, pending submission and review of further remedies from the carrier. The merger has been approved by South Korea's competition authority as well as China, Japan, the European Union, and the United Kingdom. In May 2024, Korean Air President Woo Kee-hong anticipated on the U.S. Department of Justice's approval, followed by

663-665: The EU and US as likely. Backup plans such as an equity investment from foreign backers (with the UAE-based Mubadala Investment Company suggested) into Asiana to help it remain viable are being explored. In May 2023, it was reported that the United States Department of Justice is considering filing suit to block the merger as anticompetitive. In August 2023, the Korea Economic Daily reported that

702-533: The European Commission with these concessions for evaluation on November 2, 2023. However, Yonhap has reported that the Commission has not resumed its investigation due to "missing information" in the submission provided by Korean Air and Asiana. In January 2024, Reuters reported that the European Commission is expected to approve the merger following concessions offered by the airlines. In February 2024, Korean Air secured conditional Commission approval for

741-570: The Korean Development Bank was seeking a plan B in preparation for the proposed merger's collapse. This was due to a rising belief that American and European authorities would block the consolidation. On September 27, 2023, Yonhap reported that Korean Air had submitted an amended application to the European Commission, proposing divestment of Asiana's cargo division and giving up slots at some EU airports, including Barcelona, Rome, Paris, and Frankfurt to satisfy competition concerns. After

780-623: The Sky'. Proposed merger of Korean Air and Asiana Airlines The proposed merger of Korean Air and Asiana Airlines is a policy announced by the Government of South Korea in November 2020, which would result in Korean Air absorbing Asiana Airlines creating a dominant carrier in South Korea. For the merger to proceed, antitrust approval is necessary from competition authorities in key markets for

819-631: The UAE targeted human rights activists, journalists, and Princess Haya using the Pegasus spyware, during the same time. Mubadala Capital got a seat on Novalpina’s committee of largest investors. In May 2022, Mubadala Investment Company signed a preliminary agreement with French utility Engie for the development of a digital platform to charge electric vehicles in the UAE and across the Middle East. The two companies would also explore areas related to sustainable mobility. In May 2023, Mubadala agreed to buy

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858-530: The UAE. A senior research officer at Transparency International UK, Rose Whiffen said if a minister is working for a firm and meeting its shareholder several times while in office, it should be declared or assessed before approval. A unit of the company, Mubadala Capital, invested €50 million in the Novalpina Capital private equity fund of €1 billion, which bought the NSO Group in 2019. Reports revealed that

897-507: The carriers. Out of the six essential markets, approval has been granted in all except one. As of February 2024, authorities in one essential market, the United States , have yet to approve the merger. In February 2023, it was confirmed that the merger would not proceed without approval from European Union and United States authorities. At the time, the Korean government did not view approval in

936-415: The company plans to fold Asiana Club into Korean Air's SKYPASS at a later date. In March 2021, Korean Air announced that its merger with Asiana Airlines would be delayed pending approval from relevant competition authorities. For the time being, Asiana Airlines will be operated as a subsidiary with its operations, IT, and other systems run by Korean Air until 2024. On June 30, 2021, it was reported that

975-474: The consolidation of South Korea's aviation market contingent on an acceptable buyer being identified for its cargo business and making assets available to T'way Air to start service on routes to Barcelona, Frankfurt, Paris, and Rome. In November 2023, Japan officially moved to block the merger, citing the combined power the merged carrier would have on air traffic between Japan and South Korea where it would represent nearly 70% of flying. The objection also cited

1014-490: The following conditions: The UK's Competition and Markets Authority (CMA) postponed the review of the merger in November 2022, citing monopoly concerns, giving Korean Air time to propose a plan to resolve competition concerns. Korean Air proposed transferring slots for seven weekly operation rights to Virgin Atlantic to launch a London–Heathrow to Seoul–Incheon route as a remedy. The United Kingdom officially approved

1053-538: The following destinations: As of July 2023, Air Seoul operates the following aircraft: Air Seoul had operated the following aircraft: On 7 November 2016, Air Seoul announced that it had collaborated with Naver WEBTOON to produce a safety video. Some of the works featured in this video include Denma , The Sound of Heart , and Noblesse . Air Seoul began offering an in-flight magazine entitled Your Seoul to passengers in January 2017. The magazine advertises

1092-599: The government of Abu Dhabi . The company was established in 2017 when then-named Mubadala Development Company (now Mamoura Diversified Global Holding) and the International Petroleum Investment Company (IPIC) merged. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, New York, San Francisco and Beijing. Established in 1984, the International Petroleum Investment Company (IPIC)

1131-424: The largest stakeholder of Hanjin Group , Korean Air's parent company) to South Korea and the two large South Korean airlines" virtually eliminating competition between the United States and Korea. Mubadala Investment Company Mubadala Investment Company PJSC ( Arabic : شركة مبادلة للاستثمار ), or simply Mubadala , is a state-owned global investment firm that acts as one of the sovereign wealth funds of

1170-484: The merger between the two airlines. The Fair Trade Commission (FTC) approved the merger on February 22, 2022 with conditional clearance requiring the combined airline to give up some of their airport slots and transportation rights in certain regions. The Commission assessed that the merger would result in a monopoly on 26 international routes and 14 domestic routes but deferred to overseas authorities to on corrective action by granting 10 year conditional clearance with

1209-440: The merger on March 1, 2023. In May 2023, it was reported that the United States Department of Justice (DOJ) is considering filing suit to block the merger as anticompetitive. To gain approval for the merger, Korean Air proposed transferring several operations to Air Premia . The transfer would include aircraft and flight crews. The DOJ has rejected this proposal. In June 2024, Korean Air CEO Walter Cho stated he expected

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1248-466: The merger to be approved in the US by October 2024. In addition to essential countries, the companies sought review of the merger by authorities in countries considered to be "non-essential" markets. In June 2021, the Philippines was the first "non-essential country" to approve the merger. Singapore , Malaysia , Turkey , Vietnam , Taiwan , Thailand , and Australia have also officially approved

1287-423: The merger. In October 2023, labour unions representing workers at Asiana Airlines protested the merger claiming that the ultimate goal of the deal is "the dismantling of Asiana Airlines" and that the merger "is not in the interest of the nation or the convenience of the people". In the United States, an analyst described the merger as a "tie-up between the largest U.S. carrier ( Delta Air Lines , who also be

1326-459: The planned merger of the two airlines' three low-cost carrier subsidiaries. Japan approved the merger on January 31, 2024. As part of the agreement, the consolidated carrier has agreed to surrender slots on 7 routes if remedy takers choose to operate on them, the routes being Seoul–Incheon to Fukuoka , Nagoya , Osaka–Kansai , and Sapporo , as well as the Busan to Osaka, Sapporo, and Fukuoka to competitors. In November 2024, EU fully approves

1365-485: The post-merger plans between the two airlines were finalized and approved by the Korea Development Bank pending regulatory approval. For the merger to proceed, the impact on competition must be evaluated and approved by competition authorities in six key markets for the carriers. These markets were deemed "essential" requiring approval for the merger to be viable. The consolidation has been denied approval by

1404-409: The tourist attractions in the airline's hub city, Seoul. On 21 March 2019, Air Seoul with collaboration of Naver WEBTOON 's LICO introduced a new in-flight safety video. Air Seoul is the first Korean airline to produce an in-flight safety video based on 3D animation created using LICO's character "Hwang-goo". On 7 October 2019, Air Seoul launcheed an in-flight entertainment service named "Cinema in

1443-571: Was also the highest among domestic airlines. Air Seoul is a fully owned subsidiary of Asiana Airlines . Its headquarters are located in the Kumho Asiana Main Tower in Seoul, and its chief executive officer is Cho Jin-man. On 1 January 2018, Air Seoul inaugurated its new chief executive officer, formerly Ryu Kwang-hee. On 1 January 2021, Air Seoul appointed its new chief executive officer prior to Asiana Airlines acquisition, replacing Cho Kyu-yung. As of July 2023, Air Seoul flies

1482-441: Was created to advance Abu Dhabi’s natural petroleum wealth for the development of the emirate. Mubadala Development Company followed in 2002 to further diversify the economy. In June 2016, it was announced that Mubadala Development Company would merge with the International Petroleum Investment Company. In 2017, ownership of both MDC and IPIC was transferred to a newly created parent company, Mubadala Investment Company. The company

1521-465: Was established on 7 April 2015. In June 2016, Air Seoul operated trial flights within South Korea. On 5 July 2016, the Ministry of Land, Infrastructure and Transport announced it had granted Air Seoul its air operator's certificate . Flights between Seoul–Gimpo and Jeju commenced on 11 July. The airline started flights to Japan in October 2016, its first international routes and has since moved to become

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