Fair trade watchdog approves KORAIL's takeover of SR
Fair trade watchdog approves KORAIL's takeover of SR. This file photo, taken May 15, shows a KTX train and an SRT train coupled at Seoul Station. South Korea's
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Summary
Fair trade watchdog approves KORAIL's takeover of SR. This file photo, taken May 15, shows a KTX train (L) and an SRT train coupled at Seoul Station. (Yonhap) South Korea's antitrust watchdog on Sunday approved the takeover of SR Corp. by Korea Railroad Corp., saying the deal is unlikely to hinder competition in the transportation industry. KORAIL is a state-run railway operator whose trains mainly depart from Seoul Station, while SR is a company in which the government holds a 58.95 percent stake, with KORAIL owning the remaining shares. "Above all, the high-speed rail industry is significantly regulated by the Railroad Service Act and other related laws," the FTC said, noting KORAIL serves a public interest.
Furthermore, The Fair Trade Commission said the decision came as KORAIL, as a state-run company subject to government oversight, is unlikely to abuse its market position or adversely affect consumers. The FTC and the land ministry, meanwhile, signed a memorandum of understanding the same day to continue monitoring KORAIL's business operations after the takeover. The takeover is expected to be completed in September. (Yonhap).
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Fair trade watchdog approves KORAIL's takeover of SR. This file photo, taken May 15, shows a KTX train (L) and an SRT train coupled at Seoul Station. (Yonhap) South Korea's antitrust watchdog on Sunday approved the takeover of SR Corp. by Korea Railroad Corp., saying the deal is unlikely to hinder competition in the transportation industry.
reliability low1/2 sourcesKORAIL is a state-run railway operator whose trains mainly depart from Seoul Station, while SR is a company in which the government holds a 58.95 percent stake, with KORAIL owning the remaining shares.
reliability low1/2 sources"Above all, the high-speed rail industry is significantly regulated by the Railroad Service Act and other related laws," the FTC said, noting KORAIL serves a public interest.
reliability low1/2 sourcesThe Fair Trade Commission said the decision came as KORAIL, as a state-run company subject to government oversight, is unlikely to abuse its market position or adversely affect consumers.
reliability low1/2 sourcesThe FTC and the land ministry, meanwhile, signed a memorandum of understanding the same day to continue monitoring KORAIL's business operations after the takeover.
reliability low1/2 sources
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The takeover is expected to be completed in September. (Yonhap)
according to The Korea Herald
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