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Greece: Second time’s the charm for Aegean buyout of Olympic, say sources

 |  October 2, 2013

Sources say the European Commission will likely clear the proposed buyout of Olympic Air by rival Aegean Airlines in a $96.38 million deal, the second time the Greek airline has pursued the competitor.

Reports say two sources said Tuesday the Commission will allow the merger after Aegean Airlines claimed Olympic would shut down were the buyout to be blocked. In its proposal, Aegean says the merger is crucial to the survival of both airlines.

The European regulator ruled against Aegean’s first attempt to acquire its rival in 2011, finding that the deal would lead to a quasi-monopoly in he nation.

This time, however, sources say the regulator will likely announce the deal next week.

Full Content: Reuters

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