Following indications of interest from Greek firms, BA, the US` Chrysler Aviation and Cyprus Airways have also jumped on the bandwagon.
Cyprus Airways has proposed the purchase of a 15% stake (of a total 65% majority stake) in OA, with the remaining stock going to a consortium of Greek and Cypriot firms.
Both BA and Chrysler Aviation requested informational material and documents on OA`s financial health. Consulting firm Credit Suisse First Boston is in the process of holding meetings with BA.
Greek carriers Aegean and Cronus have also shown interest.
In another development, Greece is keeping the European Commission informed on `every step` of the privatisation, Transport Minister Christos Verelis has stated.
He said he briefed EU Transport Commissioner Loyola de Palacio in a meeting last Thursday on developments in the privatisation procedure, noting that within days the Greek government would send an information memorandum to the Commission on its plans for the sale of OA. He pointed out that Credit Suisse First Boston was in constant contact with de Palacio and was informing the Commission on the procedures being undertaken by Athens.
Verelis said he expected this stage of the process would be complete by the end of 2000. He said that interested firms would receive an information memorandum and then be asked to forward their offers and business plans.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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