ASIANA Airlines has received final shareholder approval to sell its cargo business to Air Incheon, fulfilling all conditions set by European competition regulators for its merger with Korean Air, the company announced.

The approval finalises the January agreement to divest the cargo business for approximately KRW470 billion (US$328 million).

In February last year, the European Commission required Korean Air to transfer its European passenger routes - Paris, Rome, Frankfurt and Barcelona - and mandated Asiana Airlines to divest its cargo business as conditions for approving the merger.

The passenger routes were handed over to T'way Air, a local budget carrier, and with the latest shareholder approval, the formal process for selling the cargo division is now complete, reports The Korea Herald.

The airline aims to finalise the transfer of assets and personnel by June 10. The transaction includes: 10 Boeing 747 freighters, one Boeing 767 freighter and approximately 800 employees.