A PYMNTS Company

Greece: Sources validated as EU clears Aegean buyout of Olympic Air

By  |  October 9, 2013

Just days after anonymous sources told reporters the European Commission was likely to clear the proposed buyout of Olympic Air by competitor Aegean Airlines, the European regulator announced its clearance of the deal.

The acquisition, which is the second attempt by Aegean to acquire the rival, was cleared on Aegean’s claims that Olympic would fail without a successful buyout.

In a statement Wednesday, EU Commissioner Joaquin Almunia said it was “clear” that Olympic would soon be force out of the market “due to the ongoing Green crisis and given Olympic’s own very difficult financial situation.”

Aegean first attempted to acquire the competitor in 2011, but was blocked by European regulators after finding the deal would make a near-monopoly in the Green air travel sector.

Full Content: Reuters

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