Aegean makes a surprise bid for Olympic

March 5, 2009 — 3074, A320, A320-200, A320-232, Aegean Airlines, Airbus, London, Olympic Airlines, Pantheon Airways, Pedro Pics, Stansted, STN, SX-DVI

 

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Aegean Airlines (Athens) has made a surprise last-minute bid for state-owned Olympic Airlines (Athens).  Aegean presented a bid of $113 million for the OA’s operations and $25 million for the ATH base.  This new bid outbids the prevailing single bid by the Marfin Investment Group.  Aegean also bid $75 million for the new Pantheon Airways set up as a paper airline by the government of Greece to take over OA’s operations debt-free.  This move by Aegean is seen as a strategy to consolidate airline operations under one brand in Greece. Aegean has gradually been taking away market share from OA. If successful, which brand will survive?

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