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Investment group takes over national air carrier

Latest update : 2009-03-07

Marfin, a half Greek investment group concluded a deal with the Greek authorities to buy Olympic Airlines, the troubled national air carrier. The fund submitted a 45.7 million euro bid on Sept. 13.

AFP - Greece has concluded an agreement with Marfin Investment Group to take over Olympic Airlines, the debt-ridden national air carrier, Development Minister Costas Hadzidakis announced Friday.

In a statement, Hadzidakis said that, according to advisers to the Greek government, "negotiations with Marfin Investment Group to buy out the air operations of Olympic Airlines have succeeded".

"The outcome of these negotiations will be approved by the interministerial commission on privatisations," he added, subject to a green light from the European Commission, which enforces EU competition law.

Marfin submitted a 45.7 million-euro (57.2 million dollar) bid on September 13 to acquire the flight operations of Olympic Airlines, soon after the failure of an earlier attempt by the government to find a buyer.

Date created : 2009-03-07