Greek airlines Olympic Air and Aegean Airlines will carefully examine the final decision of the European Commission which blocked their merger and will plan their future steps based on legal frames, the CEOs of the two Greek companies said Wednesday.
The European Commission rejected earlier on Wednesday the proposed merger of the two carriers announced in February 2010, arguing that it would lead to a "quasi-monopoly."
The two airlines combined
would have controlled 90 percent of the air transportation market in Greece, leaving no room for viable competition and would have eventually made Greek and foreign visitors pay higher fares, according to the EU experts."Over the past year we presented the benefits of the merging for our companies, commuters and the Greek economy, providing guarantees for the protection of customers' rights and the entrance of other competitors in the domestic market," said Chairman and CEO of Aegean Airlines Theodoros Vassilakis.
"Unfortunately a major opportunity for a stronger representation in the European air market was lost. We adjust to the developments and proceed. We have proven that we succeed in difficulties," he said.
Andreas Bgenopoulos, president of the Marfin Investment Group which controls Olympic Air, said "the European Commission's decision will have negative consequences for the passengers and the Greek national economy. It is in the benefit of our foreign competitors. Obviously, we and Aegean will continue to do the best possible for our companies and commuters."
source: Xinhua
