Airlines
Korean Air To Absorb Asiana in $1.6 Billion Deal
The combination of the two carriers will create one of the world’s 10 largest airlines.
A Korean Air Airbus A330-200 takes off from Los Angeles International Airport. (Photo: Flickr: Creative Commons (BY-SA) by InSapphoWeTrust)
A Korean Air Airbus A330-200 takes off from Los Angeles International Airport. (Photo: Flickr: Creative Commons (BY-SA) by InSapphoWeTrust)

Korean Air and parent company Hanjin KAL decided to acquire Asiana Airlines for 1.8 trillion won ($1.6 billion) during board meetings held on November 16, the companies said Monday. Korean Air said it plans to increase working capital by 2.5 trillion won (2.26 billion) by issuing new shares early next year.