Aegean offers concessions to EC to get Olympic takeover approval

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Aegean offers concessions to EC to get Olympic takeover approval

Post  MikeAlphaTango on Mon May 27, 2013 11:11 am

Aegean Airlines (A3, Athens Eleftherios Venizelos International (ATH)) has apparently offered a concession package to the European Commission hoping to receive approval for its proposed acquisition of smaller competitor Olympic Air (OA, Athens Eleftherios Venizelos International (ATH)) instead. According to a statement published by the European Commission, the deadline for a decision has now been postponed to April 23 as more time is required to review the concessions offered by Aegean. The two Greek carriers agreed to the acquisition of Olympic by Aegean for 72 million EUR in October 2012 already but the transaction needs approval by the EU which had previously already denied approval for a similar deal. Olympic Air is now much smaller operating just ten Dash 8-400s and four Dash 8-100s in the upcoming summer timetable period.
(ch-aviation)

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