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Aegean–Olympic merger blocked by EU Commission

Aegean Airlines and Marfin Investment Group have announced that following an investigation which lasted 10 months, the European Commission has decided to prohibit the proposed merger, announced on 22 February 2010, of Olympic Air with Aegean Airlines.

The transaction had been agreed by the main shareholders of Aegean Airlines and Marfin Investment Group, but the parties say that given the EC’s decision, that agreement has been dissolved.

Theodore Vassilakis, chairman of Aegean, commented, “Throughout last year we presented to the European Commission the benefits of the merger for our companies, our passengers and our country’s economy. We also offered important commitments to safeguard consumers as well as measures to facilitate the entry of new competitors in the domestic market. Unfortunately, the EC decided to prohibit the agreement. An important opportunity for a consolidated representation in the European aviation market has been lost. We will adjust and continue. Our track record shows that we can succeed through challenging times.”

Marfin Investment Group chairman Andreas Vgenopoulos, added, “The EC decision will have negative consequences for consumers as well as our country’s economy while it will benefit foreign competitors. Obviously we, as well as Aegean, will continue to do our best for the benefit of our staff, our shareholders and our passengers.”

The companies will review the final document of the EC decision and following internal consideration and consultation with their advisers will decide if further action is possible within the framework of existing legislation.

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