Korean Air confirms plan to buy troubled Asiana Airlines for US$1.6 billion

South Korean flag carrier Korean Air on Monday said it will buy out its smaller, troubled rival Asiana Airlines in a US$1.6 billion deal as it looks to consolidate with the global aviation sector devastated by the coronavirus pandemic.The deal combining South Korea’s two biggest airlines comes as carriers around the world struggle with low demand, haemorrhaging cash and grounding planes to survive.“The main reason behind Korean Air’s decision to acquire Asiana Airlines at this time is to…

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