Monday, 22 February 2010 - 18:11
Aegean, Olympic Air Announce Merger
The main shareholders of Aegean Airlines and Olympic Air have reached an agreement to, resulting in the formation of a new company that will be listed on the Athens Exchange, an official announcement said Monday afternoon.
The new company will carry the name and logos of Olympic Air, following the necessary transition and adjustment period, during which the name and logos of Aegean will be used in parallel as well.
Olympic Handling and Olympic Engineering will become 100% subsidiaries of the new company, while it is noted that the agreement is subject to the approval of the European Competition Commission.
According to the terms of the agreement, the main shareholder of Aegean (Vassilakis Group) and the sole shareholder of Olympic Air (Marfin Investment Group) will have an equal shareholding in the combined entity, while the groups of Messrs Laskaridis, V. Constantakopoulos, G. David and L. Ioannou as well as Piraeus Bank will all maintain their proportional equity participations in the new company.
Vassilakis and Vgenopoulos are expected to lead the new company, the announcement said.
Commenting on the abovementioned agreement, the Chairman of Aegean Mr. Th. Vassilakis made the following statement: “Since the first day of Aegean’s operations, we have been pursuing our vision for innovative, high quality services, through significant investments. The relative size of our competitors within the European Union necessitates the joining of the two main Greek airlines, to achieve increased autonomy in serving the needs of our country’s tourism, increase route options for consumers, ensure the long-term development and viability of the two airlines and protect the levels of employment in the sector.”
“The prevailing conditions in the Greek economy as well as in the aviation sector dictate the combination of forces in order to maintain competitive customer prices, protect levels of employment and increase our competitiveness at a European level. The merger of OLYMPIC with AEGEAN serves all of those objectives and at the same time preserves and strengthens the OLYMPIC brand name, an inherent piece of our national tradition making all Greeks very proud,” Chairman of Olympic Air. A. Vgenopoulos stated.