EU probes planned merger of Greek airlinesApril 23, 2013 @ 8:45 am
BRUSSELS (AP) - The European Commission has opened an in-depth antitrust investigation of the proposed takeover of Greece's Olympic Air by its domestic rival Aegean Airlines.
The Commission, which acts as the 27-country bloc's competition watchdog, said Tuesday it fears "the transaction may lead to price increases and poorer service on several domestic Greek routes out of Athens," where the merged entity would have a monopoly.
The Commission now has three months to decide on the 72 million euro ($94 million) takeover bid.
A first attempted merger was blocked by the Commission about two years ago on grounds that the combined carrier could have monopolized the national market.
The Commission in February also blocked a similar repeated takeover bid by Ryanair for its Irish rival Aer Lingus.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Play It Again, Seattle
Music & the outdoors, two Seattle staples, come together for a unique project
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.