Aegean Airlines bids for Olympic Airways
Monday, 09 Mar, 2009
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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
Phil Davies
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