[Apha Biz=(Chicago) Reporter Paul Lee] Korean Air is pushing for the sale of its cargo division in Korea, which has emerged as the biggest obstacle in the process of acquiring and merging (M&A) Asiana Airlines.

According to the investment banking (IB) industry on the 16th, five domestic low-cost carriers (LCC), Air Premia, Air Incheon, Jeju Air, T'way Air and Eastar Jet, are expected to submit a letter of intent (LOI) regarding the sale of Asiana Airlines' cargo division.

It is expected to distribute corporate manuals (IM) to them in November. Korean Air is expected to complete its LOI application by next week. Since then, it has been reported that the schedule has been set for the distribution of IM in November.

The reason why Korean Air is considering selling Asiana Airlines' cargo division is to draw approval from the European Union(EU), the United States, and Japan for the business combination.

 

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