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Mergers: Commission inaprobahan acquisition ng Griyego airline Olympic Air sa pamamagitan ng Aegean Airlines

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lOGO CE_Vertical_EN_quadriThe European Commission has cleared under the EU Merger Regulation the proposed acquisition of Olympic Air by Aegean Airlines, both Greek air carriers. The Commission’s in-depth investigation has shown that Olympic Air would be forced to exit the market in the near future due to financial difficulties if not acquired by Aegean. Once Olympic would be out of business, Aegean would become the only significant domestic service provider and would capture Olympic’s current market shares. Therefore, with or without the merger, Olympic would soon disappear as a competitor to Aegean. Thus the merger causes no harm to competition that would not have occurred anyway.

The Commission’s vice-president in charge of competition policy, Joaquín Almunia, said: “It is clear that, due to the on-going Greek crisis and given Olympic’s own very difficult financial situation, Olympic would be forced to leave the market soon in any event. Therefore we approved the merger because it has no additional negative effect on competition.”

The Commission has examined the effects of the proposed acquisition on competition in the affected markets for the domestic air transport of passengers. Aegean is Olympic’s closest competitor on these markets in Greece. The Commission initially expressed concerns and opened an in-depth investigation in April 2013 (IP / 13 / 361).

Griyego krisis ay nakakita ng isang drop ng 26% sa demand para sa domestic air pasahero transportasyon mula sa Athens: mula sa 6.1 milyong pasahero sa 2009 sa 4.5 milyong pasahero sa 2012. Pagtanggi na ito ay patuloy sa panahon ng unang kalahati ng 2013 (6.3% pagbaba kumpara sa naunang taon).

Furthermore, the number of routes served by both Aegean and Olympic has decreased substantially over recent years. When the Commission blocked Aegean’s previous attempt to merge with Olympic in 2011, the parties provided competing services on 17 routes, nine of which raised competition concerns (see IP / 11 / 68). Sa kasalukuyan, Aegean at Olympic may overlaps sa pitong mga ruta na kung saan ang mga sumusunod na limang domestic mga ruta ay nagsilbi lamang kasiping nila: Athens-Chania; Athens-Mytilene; Athens-Santorini; Athens-Corfu (Aegean lamang nagpapatakbo sa tag-araw); Athens-Kos (Aegean lamang nagpapatakbo sa tag-araw).

The market investigation has revealed that entry in the immediate future by other airlines is unlikely on any of those routes. This is due to a variety of reasons: potential entrants see more profitable opportunities elsewhere, they consider the costs of entry too high or they stay away from the Greek domestic market due to Greece’s current dire economic situation.

However, the Commission’s in-depth investigation has also clearly demonstrated that, in any event, Olympic is a failing firm and would go out of business soon. Olympic has never been profitable since its privatisation in 2009 and has received considerable financial support from its sole shareholder, Marfin Investment Group (“MIG”), ever since. A thorough analysis of Olympic’s business prospects has confirmed that the company is highly unlikely to become profitable in the foreseeable future under any business plan. MIG had therefore decided to discontinue its support of Olympic, should it not be sold to Aegean. This would lead to Olympic’s permanent shutdown in the short term.

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Furthermore, the market investigation has confirmed that there is no other credible purchaser other than Aegean interested in acquiring Olympic. There has also been no expression of any credible interest in the acquisition of Olympic’s assets including its brand. Consequently, the most likely scenario is that absent the transaction Olympic’s assets would leave the market completely.

The Commission has therefore concluded that any competitive harm caused by Olympic’s disappearance as an independent competitor is not caused by the merger. As a consequence, the merger is compatible with the internal market and must be authorised.

Ang transaksiyon ay aabisuhan sa Commission on 28 2013 Pebrero.

Mga kumpanya at produkto

Aegean ay isang Griyego airline pagbibigay air transport ng mga pasahero at, sa isang mas limitadong saklaw, cargo serbisyo. Since 1999, Aegean ay alay naka-iskedyul na flight sa Greek domestic mga ruta at international maikling-bumatak ruta. Ito ay nagpapatakbo ng isang base sa Athens International Airport. Ito ay kasalukuyang naglilingkod sa humigit-kumulang 50 international at domestic maikling-bumatak destinasyon. Aegean ay isang miyembro ng Star Alliance.

Olympic ay isang Griyego airline aktibo sa air transport ng mga pasahero at karga. Tulad ng Aegean, Olympic nagpapatakbo ng isang base sa Athens International Airport at kasalukuyang nagtatrabaho humigit-kumulang 30 maikling-bumatak destinasyon, higit sa lahat sa loob ng Greece. Olympic ay hindi nabibilang sa anumang airline alyansa.

Mga patakaran at mga pamamaraan na pagsama-sama control

Ay may tungkulin upang masuri mergers and acquisitions kinasasangkutan ng mga kompanya na may isang paglilipat sa itaas tukoy na mga hangganan ng Commission (tingnan Artikulo 1 ng Pagsama-sama Regulation) At upang maiwasan ang konsentrasyon na makahadlang makabuluhang epektibong kumpetisyon sa EEA o anumang malaking bahagi ng mga ito.

Ginagamit ng karamihan ng aabisuhan mergers hindi magpose problema kumpetisyon at ay clear pagkatapos ng isang routine pagsusuri. Mula sa sandali ang isang transaksyon ay naabisuhan, ang Komisyon sa pangkalahatan ay may isang kabuuang 25 araw ng trabaho upang magpasya kung upang bigyan ng pag-apruba (Phase I) o upang simulan ang isang in-depth investigation (Phase II). Sa kasalukuyan ay walang iba pang mga bukas phase II imbestigasyon.

Higit pang impormasyon ay makukuha sa paligsahan website, sa Commission's pampublikong case magparehistro sa ilalim ng mga numero ng kaso M.6796.

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