Government officials and industry sources in South Korea say that the reported bid by the nation’s largest airline to buy its largest domestic rival will likely be made official soon.  

The reported move by Hanjin Group, the owner of Korean Air, to take over cash-strapped Asiana Airlines, is expected as early as on Monday when a ministerial-level meeting on local industrial competitiveness is held. 

Korean Air has reportedly shown interest and as well as the intent for several months to acquire Asiana and already discussed the matter with the Korea Development Bank, the main creditor of the nation’s second-largest full-service carrier. 

If the alleged deal is confirmed and pulled off, Korean Air will rise in size to rank among the world's top 10 airlines. 

According to the 2020 rankings of global carriers measured by the International Air Transport Association(IATA) in terms of revenue passenger kilometer(RPK) last year, Korean Air is the world’s 18th largest and Asiana 32nd. 

The takeover is estimated to turn Korean Air into the No. 10 global carrier in terms of passenger transport capability and No. 3 in terms of cargo shipments.   

Neither KDB nor Korean Air has yet to confirm that a deal is underway, but labor unions of the two airlines are scheduled to meet each other next week to discuss the matter and its impact on their job security.