EC Clears Aegean Airlines' $97M Buy Of Olympic Air

Law360, New York (October 9, 2013, 3:04 PM EDT) -- The European Commission on Wednesday approved Aegean Airlines' acquisition of struggling rival Olympic Air for €72 million ($97 million), according to the companies.

The commission rejected a similar bid by Aegean in 2011, saying the merger would create a monopoly among Greek air carriers. However, both airlines' profits have deteriorated along with the Greek economy since then, and Aegean resubmitted a more limited version of its original proposal, prompting the EC to change its mind.

Under the deal, Olympic will become Aegean's subsidiary, with both companies...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.