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Extracts from the press conference by Joaquín Almunia, Vice-President of the EC, on the acquisition of Greek airline Olympic Air by Aegean Airlines

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On 9 October 2013, Joaquín Almunia, Vice-President of the EC in charge of Competition, held a press conference on the decision of the EC to approve the acquisition of Olympic Air by Aegean Airlines. The Commission's in-depth investigation has shown 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.
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Type: EbS   Reference: I-082317   Date: 10/09/2013   Duration: 04:18
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