Olympic Privatisation

An international tender for the sale of ailing Greek state-owned national carrier Olympic Airlines has failed. The deadline for the submission of binding offers for the company passed on February 6 without a single suitable bid, according to Development Minister Costis Hatzidakis. “The result of the tender was not what we had expected,” he added.
Although a number of parties had expressed interest in acquiring the airline, its maintenance business and ground handling activities, all of the offers were lower than the Government had anticipated. The State is now in talks with a local investment group to safeguard the future of the carrier. Marfin, which is listed on the Athens Stock Exchange, has pledged more than €200 million to take over the three sections of the business ahead of a widespread restructuring.