BRUSSELS Aug 9 Greece's Aegean Airlines
has offered new concessions to gain EU antitrust
approval for its second attempt to take over rival Olympic Air,
indicating an earlier offer had failed to ease competition
concerns over the deal.
Faced with declining traffic in its domestic market due to
the country's prolonged recession, loss-making Aegean has said
the proposed 72-million-euro ($96.38 million) acquisition was
crucial for its survival.
It submitted a fresh set of concessions to the European
Commission on Thursday, the Commission's website showed. The EU
competition authority did not provide details in line with its
Aegean offered in March to cap fares on some domestic routes
but this failed to stop the regulator from widening its
investigation into the deal, worried that the combined entity
would have a monopoly or strong position on some of these
The Commission extended its deadline for a decision on the
deal to Oct. 16 from Sept. 25. It blocked Aegean's 2011 bid to
purchase Olympic because of the combined company's
quasi-monopoly in the Greek air travel market.
Investment group Marfin is the owner of Olympic.
($1 = 0.7471 euros)
(Reporting by Foo Yun Chee; editing by Adrian Croft)