Press conference by Joaquín Almunia, Vice-President of the EC, on the acquisition of the Greek airline Olympic Air by Aegean Airlines
Joaquín Almunia, Vice-President of the EC in charge of Competition, gave a press conference following the decision of the EC to approve the acquisition of the Greek airline Olympic Air by Aegean Airlines. The Commission's in-depth investigation showed that Olympic Air would be forced to exit the market in the near future due to financial difficulties if not acquired by Aegean. Once Olympic would be out of business, Aegean would become the only significant domestic service provider and would capture Olympic's current market shares. Therefore, with or without the merger, Olympic would soon disappear as a competitor to Aegean. Thus the merger causes no harm to competition that would not have occurred anyway.
Joaquín Almunia, at the rostrum Ref:P-024119