Clearance for Olympic deal to take off
The government’s interministerial privatization commitee prepares to meet on the sale of Olympic Airlines yesterday. Development Minister Costis Hatzidakis (second from left) told reporters the government sealed the sale of the ailing airline to the country’s largest buyout firm, Marfin Investment Group (MIG). ‘MIG is committed to creating a new Olympic,’ Hatzidakis said. ‘I wish success to the new Olympic and MIG’s ambitious plans.’ The European Commission earlier this week backed Greece’s latest effort to privatize its debt-ridden carrier, saying the sale did not breach state aid rules. MIG, whose main shareholder is Dubai Financial, emerged as a last-minute rescuer for Olympic after the latest privatization tender failed in December.
