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...
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