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Greece: EU to tackle Aegean, Olympic deal into October

By  |  August 12, 2013

The European Commission said it has extended its deadline to rule on the proposed buyout of Olympic Air by rival Aegean Airlines, which would create Greece’s largest airline, to October 16. In its second bid for the rival, Aegean offered new concessions to the regulator following the rejection of its first buyout attempt due to the Commission’s concerns of the effects on competition. Last March Aegean offered to cap some airfares, but the watchdog amplified its probe of the deal. Reports say the financially troubled Cyprus Airways has significantly cut its network, leaving Aegean and Olympic as the sole carrier on the majority of routes within Greece.

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