Asian Tech Press (Nov 2) -- The board of South Korea's Asiana Airlines Inc. has agreed to sell its cargo unit.

Asiana Airlines announced Thursday that its board of directors has approved a revised proposal submitted by Korean Air Lines Co. to the European Union for the merger of the two companies.

The proposal, which includes the sale of Asiana Airlines' cargo unit, is an effort to ease the EU's antitrust concerns.

Notably, the deal still needs to be approved by the EU, the U.S. and Japan.