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Aegean and Air Greece to merge

Greek private air carriers Aegean Airlines<.> and Air Greece<.> test for air pockets in a possible merger plan. If successful, the merger would put the carriers in a very strong competitive position with Olympic Airways' domestic carrier Olympic Aviation. It would also clamp down somewhat on the cut-rate fares being offered on domestic flights, as well as cut overlapping flights.
According to press reports, however, the chairman of Air Greece has reservations about the merger even though he had said in a recent interview that there are too many private airlines operating in Greece and that some sort of amalgamation is inevitable.
Competition among Greek carriers is particularly strong on routes to Crete, Rhodes and Thessaloniki, which has led to cut-rate fares and lower-than-expected revenue.
Although the fourth major Greek carrier, Cronus, is not involved in present merger talks, it had joined in initial discussions with Air Greece and Aegean earlier this year.
Rumors in the industry suggest that not only the smaller carriers are out to change the present status quo. The latest rumor has a group led by Superfast Ferries in talks with government concerning the purchase of a large stake in Olympic Airways. Earlier this year, Superfast had attempted to purchase Cronus Airlines but had backed out after an in-depth look at the airline's balance sheet.
Air Greece, founded in 1994, flies three ATR72s and two Fokker 100s on domestic routes and routes to five German cities.
Aegean Airlines, founded in 1992, boasts three brand new Avro 100s and concentrates on domestic routes….

Greek private air carriers Aegean Airlines<.> and Air Greece<.> test for air pockets in a possible merger plan. If successful, the merger would put the carriers in a very strong competitive position with Olympic Airways' domestic carrier Olympic Aviation. It would also clamp down somewhat on the cut-rate fares being offered on domestic flights, as well as cut overlapping flights.

According to press reports, however, the chairman of Air Greece has reservations about the merger even though he had said in a recent interview that there are too many private airlines operating in Greece and that some sort of amalgamation is inevitable.

Competition among Greek carriers is particularly strong on routes to Crete, Rhodes and Thessaloniki, which has led to cut-rate fares and lower-than-expected revenue.

Although the fourth major Greek carrier, Cronus, is not involved in present merger talks, it had joined in initial discussions with Air Greece and Aegean earlier this year.

Rumors in the industry suggest that not only the smaller carriers are out to change the present status quo. The latest rumor has a group led by Superfast Ferries in talks with government concerning the purchase of a large stake in Olympic Airways. Earlier this year, Superfast had attempted to purchase Cronus Airlines but had backed out after an in-depth look at the airline's balance sheet.

Air Greece, founded in 1994, flies three ATR72s and two Fokker 100s on domestic routes and routes to five German cities.

Aegean Airlines, founded in 1992, boasts three brand new Avro 100s and concentrates on domestic routes.

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