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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