Korean Air Co. said Wednesday it signed a tentative agreement valued at 470 billion won (US$341.7 million) to sell the cargo business division of Asiana Airlines Inc. to Air Incheon. The sale of Asiana's cargo division is part of conditions set by the European Union's antitrust regulator in Korean Air's plan to acquire Asiana Airlines Inc. Air Incheon was picked as the preferred bidder for Asiana's cargo business in June. Korean Air said in a regulatory filing that the memorandum of understanding was signed considering Air Incheon's reliability as a dedicated cargo airline, its ability to maintain and develop long-term business competitiveness, and its capability to mobilize funds through a competent consortium. Korean Air added that it has been in continuous communication with the Korea Development Bank, Asiana's main creditor, and the EU's competition authorities. Going forward, Korean Air said it will undergo buyer assessment and final merger approval review from the EU. Source: Yonhap News Agency