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Athens News Agency: News in English, 09-03-07
CONTENTS
[01] MIG clinches deal to buy OA
[01] MIG clinches deal to buy OA
The government announced the successful conclusion of negotiations
with Marfin Investment Group (MIG) for the sale of the national
carrier Olympic Airways (OA). Under the deal, clinched late on
Friday and announced around midnight, the state is set to receive
the sum of 177.2 million euros for all OA assets and operations.
"The investment and legal advisors of the government inform us that
their negotiations with MIG's consultants for the sale of assets of
Olympic's flight operations and technical maintenance base had a
successful conclusion. For the ground handling service, since talks
between MIG and Swissport for the conclusion of the trade deal
between them are continuing, an extension of one week to the
exclusive negotiations with the state was asked for and given,"
Development Minister Kostis Hatzidakis announced.
The minister said that MIG and Swissport, which had only bid for
ground handling services, had a week to conclude their negotiations
but that if these fell through, MIG had also promised to buy the
ground handling services itself for the price of 44.8 million euros,
as set by independent evaluators.
In order for the agreement between the Greek State and MIG to be
finalised, the deal must first get the approval of the European
Commission, which has closely monitored the bid for the airline's
privatisation and had appointed a special commissioner during the
negotiations.
Following the Commission's official seal of approval, the agreement
will then be set to the ministerial privatisations committee for
evaluation.
In an announcement on Saturday, the European Commission said it was
informed of the positive developments concerning OA's privatisation
and would officially take a position next Tuesday concerning the
sale.
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