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EU: Olympic, Aegean merger now under formal review

By  |  April 23, 2013

The European Commission has announced its launch of an investigation into Aegean Airlines’ proposed buyout of Olympic Air. The Commission now has a deadline of 90 days to complete its investigation and rule as to whether the merger would hamper competition. According to its press release, the Commission initiated a review due to the fact the parties are the two leading airlines within Greece for both domestic and international travel; additionally, both operate out of Athens. The Commission is concerned the deal would create a monopoly in the nation’s capitol. Further, the regulator has concerns that the airlines’ main rival, Cyprus Airways, may no longer be strong enough to sufficiently compete with the combined entity if the acquisition were to go ahead. The Commission has already blocked a previous deal between the two companies in 2011.

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