Korean Air Decides to Merge with Asiana Airlines

Korean Air aims to create management synergies and maximize shareholder value by merging with its subsidiary Asiana Airlines.
Merger ratio is 0.2736432, with Asiana shareholders receiving 0.2736432 new Korean Air shares per Asiana share.
Merger schedule: shareholders' meeting on 2026-08-12, merger date on 2026-12-16, and registration date on 2026-12-17.
Appraisal rights granted to Asiana shareholders at a price of 7,030 won per share, exercise period from 2026-08-12 to 2026-09-01.
Merger agreement may be terminated if total appraisal payment exceeds 1 trillion won.
Regulatory approvals required, including from the Ministry of Land, Infrastructure and Transport; failure may cancel the merger.
Proceeded as a small-scale merger but may convert to general merger if opposing shareholder conditions arise.

Filing: Decision on Merger of Companies (Major Management Matters of Subsidiary)
Company: KOREAN AIR LINES (003490)
Submission: KOREAN AIR LINES CO.,LTD
Receipt: 05-13-2026
Under KRX KOSPI Market Division