connect with us
Greece's latest tourism industry news by Greek Travel Pages (gtp)

Five Bids for Olympic

The government has received five bids in an international sale tender for a majority stake in national carrier Olympic Airlines, according to a government announcement last month. The binding offers accompanied by letters of guarantee were from all groups that expressed interest in the first phase: Aegean Airlines of Greece; Olympic Investors (Greek-American); Sure Estates (the Netherlands); Intra (owner of Deutsche British Airways); and Klesch (UK).

The government’s consultant in the sale, London-based Lazard, a global investment bank, will study the bids. Negotiations will then begin, government said: “There is time pressure, and pressure from the European Union.” According to press reports, the process will be difficult due to financial constrictions and EU constraints.

Meanwhile, in a press release, management of Aegean Airlines said that due to chronic problems in the state-owned Olympic, major legal and operation-al difficulties were involved in the privatization attempt.

As a result, if acquisition negotiations were to begin, agreement could only be reached if a viable solution was found to provide quality services at competitive retail prices, the release said.

Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece.
About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Add your comment