Merger

St.Julians School| Portfolio Coursework | Greek Airlines merger| Jonas Monsaraz Mar ´10 | Greeces two major air ducts, majestic Air and Aegean Airlines SA, are merging to lay out to a national airline champion, the companies said in a conveyment Monday. The two airlines together have 97 per centime of the Greek domestic air travel market and go away use the name exceeding Air after a transition period in which the Aegean name exit be used in parallel. The companies said they were combining to remedy compete within the European Union and preserve jobs in the industry. The prevailing conditions in the Greek economy as wholesome as in the aviation sector dictate the junto of forces in order to maintain competitive customer prices, harbor levels of employment and increase our competitiveness at a European level, said exceptional Air chairman Andreas Vgenopoulos, head of Olympics 100 per cent shareholder, Marfin Investment Group (MIG). The merger moldiness be approved by European Union regulators, a process that will take several months, MIG spokesman Seraphim Konstantinidis said. The combined airline is not expected to operate before October, 2010, at the earliest, sources say.

The unify company will have 5,850 employees, including Aegeans current 2,500, Olympic Airs 1,300, as well as 2,000 in Olympic Handling and 50 in Olympic Engineering, which will be 100 per cent subsidiaries of the new company. Olympic Air is the inheritor airline to state-owned, debt-ridden Olympic Airways, later Olympic Airlines, which accumulated monolithic deficits for all but one of its 34 years of state ownership, from 1975 to 2009. It was sold to MIG, after several unsuccessful privatization attempts. It currently locomote on 41 domestic and 15 international routes, a drastic cut back from its heyday in the 1980s. Aegean Airlines flies to 24 domestic and 26 international destinations. It is a regional partner of Lufthansa and collaborates with Brussels Airlines, Portugals TAP and... If you want to get a full essay, order it on our website: Ordercustompaper.com

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