09 March 2009

Aegean Airlines bids for Olympic Airways

Private Greek carrier Aegean Airlines has submitted a 110 million euros bid for state airline Olympic Airways.

Aegean has offered 90 million euros for Olympic's flying operations and 20 million euros for its aircraft maintenance base.

It also offered 60 million to buy Pantheon, a company set up by the government as a successor of debt-free Olympic Airlines.

"The goal of Aegean and its shareholders is to develop a Greek airline with the necessary critical size, strength and capability to face the international competition within the framework of the unified Europe," a statement said.

If the bid is accepted, Aegean is prepared to relinquish part of the activity in the Greek domestic market, which has attracted a number of new entrants.

Aegean, which carried more than six million passengers last year, said it saw its bid as allowing for the long term provision of competitive, high quality service from a Greek-owned and based airline.

"The creation of a large Greek airline, based on the ethos and core of Aegean will allow Greece to compete in a truly global market," the airline said.

"A dynamic management team, a sound long term strategic plan, strong links with international majors, strong capital structure, and excellent recognition in both the domestic market and abroad and the youngest fleet in South Eastern Europe position Aegean to best look after the heritage of the Olympic brand and create a merged

strong national champion."

Aegean plans to operate more than 200 flights a day to 47 domestic and international destinations this summer, with an additional 50 charter destinations.

Aegean has been a Lufthansa Regional Partner since 2005.

by Phil Davies

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Your Comments (2)

The never ending struggle of Olympic

It is more than overdue for the financially troubled carrier to face the unpleasant truth. The loss-making state airline will never return into a profitable zone. Olympic has to undergo a dramatic change, an entire restructuring of its current operating model and even to resign from its bad reputation to finally operate on a competitive level: This is a mission impossible.

By Olaf Galinski, Wednesday, March 11, 2009
mega resorts

For Americans big is good. From cars to fruit. Of course, they took away from the real Americans their big land, big free space and big resources. But big fruit usually does not taste at all and big open space is just right to build mega resorts in...even in islands with no open space. In tourism big is bad including the mega travel trade exhibitions which require hundres of thousands of vistors...FITUR in Madrid claims that they had over 100 000 professional ( !!!! ) visitors. Of course, there are not as many travel trade professionals in Spain. maybe not even in Europe. But this figure made happy the Andalucian Tourism Office which spent 9.000.000 (yes, million) euros in their FITUR stand...Of course these millions of euros did not come out of the burrocrats (no error) pockets but out of our pockets, the Spanish tax payers.

By diana giannoulis, Monday, March 9, 2009