A PYMNTS Company

Greece: EC throws Olympic Air a lifeline with merger approval

 |  November 3, 2013

Struggling airline Olympic Air has been bought out by Aegean airline, a merger the European Commission approved as the only way to save the ailing Greek company.

According to reports, preventing Olympic’s collapse was the European Commission’s motivation for allowing such a merger, rejected by the regulator two years prior.

The watchdog blocked the deal in 2011 after determining it would create a near-monopoly in the Greek airline market.

Reports say airline industry in Greece has taken hits due to the economic crisis and falling air travel demand.

Full content: The Guardian

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.