Seoul: Asiana Airlines Inc., the country's second-largest carrier, announced on Wednesday that its shareholders have approved its merger with larger rival Korean Air Co., concluding nearly six years of the latter's acquisition process.

According to Yonhap News Agency, Asiana held an extraordinary shareholders' meeting where an overwhelming majority voted in favor of the merger with the national flag carrier. In November 2020, Korean Air revealed plans to acquire Asiana in a deal valued at 1.8 trillion won (US$1.6 billion), aiming to form the world's 10th-largest airline by fleet size.

Asiana's Chief Executive Officer (CEO) Song Bo-young remarked on the merger's significance, describing it as "the first step toward writing a new history in South Korea's aviation industry." He also mentioned ongoing preparations for integrating the two airlines' mileage programs, pending a decision from the Fair Trade Commission.

Later the same day, Korean Air's board of directors also gave their approval for the merger. The merger agreement, signed in May, outlines that the new entity, to be named Korean Air, is set to launch on December 17. The transport ministry granted approval for the merger the following month, emphasizing conditions for aviation safety and passenger convenience. Consequently, the Asiana Airlines brand will be discontinued.