BRUSSELS BLOCKS GREECE AIRLINE MERGER
January 1st, 2011
BY KEITH NUTHALL
THE EUROPEAN Commission has blocked the merger of Greece's two main airlines Aegean Airlines and Olympic Air, fearing a "quasi-monopoly". The companies offered take-off and landing slots to boost competition, but the Commission noted "Greek airports do not suffer from the congestion observed at other European airports..."The deal would have increased fares for four million European passengers flying to and from Athens annually given the carriers' 90% control of Greece's domestic air transport market, said Brussels.
ENDS
THE EUROPEAN Commission has blocked the merger of Greece's two main airlines Aegean Airlines and Olympic Air, fearing a "quasi-monopoly". The companies offered take-off and landing slots to boost competition, but the Commission noted "Greek airports do not suffer from the congestion observed at other European airports..."The deal would have increased fares for four million European passengers flying to and from Athens annually given the carriers' 90% control of Greece's domestic air transport market, said Brussels.
ENDS
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