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Athens News Agency: News in English, 09-03-04

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] New bids put in for OA

  • [01] New bids put in for OA

    Two new bids were put forward for the debt-ridden national carrier Olympic Airways on Wednesday, one by the private Greek airline company Aegean Airlines and one by Chrysler Aviation.

    The government has already begun negotiations with the two companies that submitted bids in the original tender for the airline's privatisation, Marfin Investment Group (MIG) and Swissport.

    The Aegean Airlines bid (which, if successful, has also raised concerns about the creation of a virtual monopoly in domestic flights) concerns the national carrier's flight operations and technical base, for which it offers 90 million euros (double the minimum estimated value according to the state's consultants) and 20 million euros, respectively. Aegean is also willing to buy the holding company Pantheon for its net equity value, estimated at 60 million euros.

    The second bid from Chrysler Aviation is an offer for the entire OA group (Pantheon, ground service and technical base) for 210 million euros, while the company has also announced that it will submit an offer for the acquisition of the rest of OA's assets. According to its announcement, it will propose that the Greek State retain a share of up to 25 percent in OA.

    The new offers were welcomed by Development Minister Kostis Hatzidakis as "initially positive", while he added that the government would continue negotiations with MIG and Swissport until the end of the week.

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