Tuesday, 24 September 2013

Greece: Aegean-Olympic deal rumored to have been approved By the European competition authorities

(ANSAmed) - ATHENS, SEPTEMBER 6 - Although a final decision on the acquisition of Olympic Air by Aegean Airlines is expected next month, it is rumored that the E.U. competition authorities have already decided to approve the deal. According to Greek business news site, the deal between the two carriers is deemed "necessary" due to the recession and E.U. officials have softened their initial attitude.

The two Greek carriers had made an attempt to merge in 2010 but the E.U. competition authorities had blocked the deal citing anti-competitive concerns. said that E.U. officials are now considering the fact that a second rejection of the Olympic-Aegean merger could result to the collapse of one of the two carriers.

"Aegean has not received any notice or information from the European Commission on the - positive or negative - final outcome of the examination process for the intended acquisition of Olympic Air," Aegean told The carrier said a final decision on the merger with Olympic Air will be announced on 16 October 2013.

Aegean Airlines and Marfin Investment Group (MIG) last October reached an agreement on the 100% sale of Olympic Air to Aegean for 72 million euros. The former state carrier Olympic Air has been owned by Marfin Investment Fund since it was privatized in 2009.(ANSAmed). 

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