Asiana's board did not reach a decision in a meeting on Monday whether to accept Korean Air Lines' offer.
Korean Air's acquisition plan still needs approval from the European Union, the United States and Japan. Korean Air, South Korea's biggest carrier, planned to submit a corrective action plan to the European Commission by the end of October to gain EU approval, but that timeline is no longer possible pending a decision by Asiana's board.
Asiana's share price rose as much as 14.2 per cent in Tuesday mid-day trade, recovering earlier losses, whereas Korean Air Lines was up 2.5 per cent. The benchmark price index was down 1.3 per cent.
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Asiana Airlines board to meet again over merger with Korean AirSEOUL: Asiana Airlines said on Tuesday (Oct 31) it would reconvene a board meeting in early November to decide whether it should accept prospective buyer Korean Air's proposal that includes the sale of its cargo operations over EU antitrust concerns.
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Asiana Airlines shares jump ahead of board meeting on merger with Korean AirSEOUL : Shares in South Korea's Asiana Airlines rose as much as 24 per cent on Monday, backed by expectations that a proposed merger with Korean Air Lines would proceed as board members met to decide whether to sell off its cargo service.
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Asiana Airlines board to meet again on Thursday on sale of cargo business -YonhapSEOUL : Asiana Airlines plans to convene a board meeting again on Thursday, after it failed to decide in an earlier meeting whether to accept Korean Air's proposal to sell its cargo operations, Yonhap reported on Tuesday.
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