From Wikipedia, the free encyclopedia Olympic Air
Olympic Air
Olympic Air Aegean brand. After an in depth inquiry by the European
competitions commission, it was announced on 26 Jan-
uary 2011 that the merger was blocked citing anti-com-
petitive concerns.
IATA ICAO Callsign
History
OA OAL OLYMPIC
Pantheon proposal
Founded 1957 (Olympic Airways brand)
On 16 September 2008 the Greek Government announced
2009 (as Olympic Air)
a major restructuring of Olympic Airlines, using the
Commenced 16 April 1957 "Pantheon Airways" plan to relaunch Olympic as a pri-
operations 29 September 2009 vate airline. Pantheon would operate parallel to Olympic
Hubs Athens International Airport Airlines until April 2009, when Olympic Airlines would
be shut down and Pantheon would take over most of
Secondary hubs • Thessaloniki International
its routes. Pantheon would then be renamed using the
Airport
• Rhodes International Airport "Olympic" brand name and the famous six – rings logo.
The new Olympic Air would not be a legal successor to
Frequent-flyer Travelair Club[1] Olympic Airlines or Airways, taking up none of the for-
program
mer employees or assets directly.
Airport lounge Olympic Air International Lounge In February 2009, an international tender concerning
the sale of the three companies and the assets of the
Fleet size 24
Olympic Airlines Group (Flight Operations, Technical Base,
Destinations 40 Ground Handling Operations) and Pantheon Airways col-
Company slogan Greek: Η Ελλάδα Ψηλά lapsed, as the offers presented by the candidates were
English: Greece, Flying High[2] deemed not satisfactory by the government. After the
collapse of this attempt to sell the company, former
Parent company Marfin Investment Group
Transport Minister Kostis Hatzidakis extended an invi-
Headquarters Koropi, Kropia, East Attica, Greece tation to financial groups to proceed to direct negotia-
tions for the sale of the Group. First to respond was the
Key people Andreas Vgenopoulos
(Chairman)[3] Marfin Investment Group (MIG), the largest investment
fund of Greece, submitting an offer to buy the flight op-
Olympic Air is the largest Greek airline by destinations erations and technical base of the Group. Also, Swissport
served, formed from the privatisation of the former na- submitted an offer to buy the ground handling opera-
tional carrier Olympic Airlines. Olympic Air commenced tions. After three weeks of negotiations with MIG, on 4
limited operations on 29 September 2009, after Olympic March 2009, Aegean Airlines and Greek-American con-
Airlines ceased all operations, with the official full-scale sortium Chrysler Aviation, also submitted offers to buy
opening of the company taking place two days later on the Group. However, Aegean Airlines’ offer was not ac-
1 October 2009. Its main hub is Athens International Air- cepted as the new airline would control over 95% of do-
port, with Thessaloniki International Airport and Rhodes mestic routes, while the government’s financial advisors
International Airport serving as secondary hubs. The air- could not determine whether Chrysler Aviation was in
line is headquartered in Koropi, Kropia, East Attica.[4] the financial position to support its bid.
The airline uses the IATA code OA that it inherited
from Olympic Airlines, and the ICAO code OAL. The air- MIG era
line initially launched using the IACO code NOA, but later On 6 March 2009, Development Minister Kostis Hatzi-
reportedly bought the OAL code used by Olympic Airlines dakis announced the sale of the flight operations and
for a rumoured €20 million.[citation needed] the technical base companies to MIG. The negotiations
On 22 February 2010, Olympic Air and main competi- with Swissport continued for another week, to facilitate
tor Aegean Airlines announced they had reached an a commercial agreement between MIG and Swissport.
agreement to merge their operations, phasing out the However, a deal was not reached and MIG announced it
1
From Wikipedia, the free encyclopedia Olympic Air
Airbus A320-200 landing at London Heathrow Airport. (2010)
would take over Olympic’s ground handling operations
as well.[5] As a result, after 35 years of state control and 10 Airbus A320-200 taking off from London Heathrow Airport.
years of failed sale attempts, Olympic once again became (2010) This destination was ceased oprations on March 27th,
2011.
a private corporation. The new owners planned to secure
approximately 4,000 of the 8,500 jobs of the Group.
As part of its deal with the Greek state, MIG pur- and plans to order its own aircraft from either from Air-
chased the assets of Pantheon Airways, some of the valu- bus or Boeing in the near future.[15]
able slots of Olympic Airlines in New York, London, Paris, In a press conference on 17 September 2009, MIG
Rome, Frankfurt, Brussels and Bucharest, as well as ex- president Andreas Vgenopoulos, announced new code
clusive rights to the "Olympic" brand name and the six share deals, and stated that Olympic Air also has plans
rings logo. It also acquired the right to use the two to join SkyTeam in the future.[16][17] Vgenopoulos fur-
hangars, the cargo unit of Olympic Airways Services and ther stated that he wanted to make the company a re-
other facilities at Athens International Airport for 25 gional leader, and later, one of the largest airlines in
years. The new airline planned to only retain 65% of the the world if possible.[17] Olympic Air planned to employ
flight operations compared to Olympic’s flight opera- around 5,000 staff, some of which include the 8,100 staff
tions in summer 2008, in accordance to a rule imposed employed under the state carrier, with new negotiated
by the EU during the approval of the sale.[6] It also had contracts.[17] Furthermore, Vgenopoulos stated the com-
to give up its monopoly on the currently operated state- pany would honor its commitment to give the new gov-
subsidized island routes, and equally share them with ernment three months to re-nationalize Olympic if it de-
other Greek airlines.[7] sired.[16][17] Vgenopoulos also stated that a new aircraft
Olympic Handling as the new ground handling com-
Handling, order would be announced soon, to replace the current
pany is named, commenced its operations on 29 June, fol- aircraft once their leases run out.[18]
lowed by the new technical base company, Olympic Engi- During the inaugural flight ceremony on 1 October
neering[8] and finally, on 29 September, the new airline, 2009, MIG president Andreas Vgenopoulos stated that
officially renamed Olympic Air [5][9] The new name of the
Air. Olympic Air still holds the exclusive rights to the Mace-
company was announced during a tender to modernize donian Airlines brand name, and plans to re-launch the
and redesign the logo of the new airline.[10] This tender airline as a subsidiary of Olympic Air.[19] The new sub-
followed a previous one that called for fashion designers sidiary would be based out of Thessaloniki, with the pur-
to submit their designs for the new uniforms of the air- pose of serving the tourism and business needs of the
line. Shortly after the deal was struck, MIG announced region.[20] The airline will begin operations in spring
the recruitment process for the three new companies, as 2010.[21]
well as new tenders for the acquisition or lease of new In an October 2009 interview with ATWOnline, CEO
aircraft. Antonis Simigdalas stated that Olympic was now carrying
Olympic Air ordered eight new next-generation Bom- around 10,000 passengers a day with a domestic market
bardier Q400 during the 2009 Paris Air Show, four of share of about 30 percent.[15][22] Simigdalas further stat-
which will be the Q400 NextGen, that are set to cover do- ed that the new Olympic Air was about 35 percent smaller
mestic and Balkan routes and will start being delivered in than the old Olympic Airlines, and that Olympic Air is
July 2010.[11] OA also placed options on a further eight of planning its own long-haul flights, within a time frame
the type.[12][13][14] Olympic leased a total of 14 A320 se- of 12 months.[22] Regarding profitability, Simgdalas stat-
ries aircraft for its entry into service in September 2009, ed that with the current economic conditions, he expects
Olympic Air to make its first profit in 2012.[23] He further
2
From Wikipedia, the free encyclopedia Olympic Air
noted that the ground handling unit was already prof- The sole shareholder of Olympic Air, Marfin Invest-
itable.[22] In an interview with Flight International, ment Group, and the main shareholder of Aegean, the
Simigdalis stated that Olympic Air’s domestic market Vassilakis Group, would have an equal shareholding of
share had grown to 47 percent by December 2009.[15] He 26.6% in the combined entity, while the groups of Messrs
further stated that if things go well, he predicts the air- Laskaridis, V. Constantakopoulos, G. David and L. Ioan-
line will break even in 2011.[15] nou as well as Piraeus Bank would all maintain their pro-
portional equity participation in the form of a 46.8%
stake in the new company, thus giving Aegean an 73.4%
stake overall in the new company.[31][32] It was also an-
nounced that the new company would be listed on the
Athens Stock Exchange.[28] A decision on the merger was
initially expected be given from the European Competi-
tions Commission by the end of September 2010.[30][31]
According to a press releases by Aegean and MIG,
Aegean Chairman Theodoros Vassilakis and Olympic
Chairman and CEO Andreas Vgenopoulos were expected
to lead the new company.[33] Vassilakis stated that the
merger was brought on by the size of their competitors
Olympic Air Airbus A320-200 landing at Athens International in the EU, which made it necessary for Greece’s two main
Airport
airlines to merge to create a "national airline champion"
with enlarged presence in the European market as well
On 6 December 2009, Olympic Air announced that it
as seamless coverage of even the most remote Greek is-
has been chosen as the official carrier of the Hellenic
lands.[33][34] Vgenopoulos further stated that the merger
Olympic Committee for three years from 2010 to 2012.
also would preserve and strengthen the Olympic brand
Through this sponsorship, Olympic Air has committed
name, an inherent piece of Greek national tradition. [35]
to provide free transportation of Greek Olympic delega-
At the time of the merger announcement, Aegean
tions to the 2010 Winter Olympics in Vancouver and 2012
was in the process of becoming a full Star Alliance mem-
Summer Olympics in London. On 10 December 2009, the
ber,[28] while Olympic Air was forging ties with SkyTeam
company announced that mobile phone check-in is now
pre-merger. Despite this, it was announced that Aegean’s
available for flights departing Athens Airport, making
Star Alliance process would continue with the airlines
Olympic the first Greek airline to offer this service.[24] As
working to guarantee a smooth transition of the merged
part of its corporate responsibility program, Olympic an-
carrier into the Star Alliance.[36] Star Alliance welcomed
nounced that it would launch an educational programme
the proposed merger, releasing a statement stating "The
called "A Day at the Museum", transporting 3500 stu-
integration teams from both sides will soon meet to assess the
dents from Cyprus to the new Acropolis Museum in
necessary steps, in order to guarantee a smooth transition of
Athens, starting from 29 January 2010.[25]
the merged Aegean Airlines and Olympic Air operations into the
In 2011 Olympic Air announced the start of a premi-
Star Alliance network".[37] At Aegean’s welcome ceremony
um economy service on its fleet of Bombardier Q400 air-
into Star Alliance on 30 June 2010, Star Alliance CEO Jaan
craft for domestic and selected international flights,[26]
Albrecht future confirmed that the enlarged entity will
in addition to its business class service. It is currently the
be a full Star Alliance member if the planned merger wins
only airline in Greece that offers this service.
regulatory approval.[38]
After an initial review of the merger, on 30 July 2010
Attempted merger with Aegean Airlines the European Competitions Commission expressed
In February 2010, initial shareholder discussions took doubts that the merger meets competition regulations,
place to consider co-operation between major competi- citing "serious competition concerns" particularly in the
tor Aegean Airlines and Olympic Air fueling rumors of domestic market but also on several international
a possible merger.[27] On 22 February 2010, Olympic Air routes.[39][40] The EC further stated that it had "serious
and Aegean Airlines announced that they have agreed to doubts" the merger met requirements regarding ground-
a merger.[28][29][30] The newly merged airline would car- handling at Greek airports as well as the provision of
ry the Olympic name and logo, after a transition peri- Public service obligation routes, which would bring to-
od in which both airline brands would be used in paral- gether the "two strongest and most credible bidders"
lel.[28] The Aegean brand would cease to exist after the of the PSO routes.[40] The commission chose to open a
transition period. Furthermore, Olympic Ground Handling 90-day in-depth inquiry into the proposed merger in or-
and Olympic Engineering would become 100 percent sub- der to further assess the effects of the partnership.[40]
sidiaries of the new company.[28] The EC was expected to give their final ruling on the
tie-up by 7 December 2010.[40] In an interview with Air
3
From Wikipedia, the free encyclopedia Olympic Air
Transport World in August 2010, Dimitris Gerogiannis, line controlling more than 90% of the Greek domestic
managing director of Aegean Airlines, stated that their air transport market.[54] The EC further stated its belief
main goal at the time was making the merger work.[41] that the merger would lead to higher fares for four of
He further went on to say that merging with Olympic Air the six million Greek and European passengers flying to
is a matter of viability, driven by "economic and busi- and from Athens each year,[51] with no realistic prospects
ness realities".[41] Gerogiannis claimed that Greece is un- that a new airline of sufficient size would enter the mar-
able to sustain two full-service airlines, pointing out oth- ket to restrain the merged airline’s pricing.[52] Addition-
er European countries and airlines as examples.[41] Later ally, commissioner Joaquin Almunia stated that the
than month, Aegean posted its first losses in years, fur- merger would have led to higher prices and lower quality
ther displaying an urgent need for the merger, while of service for Greeks and tourists traveling between
both airlines are planning various cuts.[42][43] Athens and the islands, where the merged airline would
Despite a given deadline of 7 December 2010, Olympic have a near total domination between Athens and Thes-
and Aegean were hoping for a decision from the EU ear- saloniki, and between the capital and eight island air-
lier.[42] The two airlines expected to hand over all details ports.[53][55] Both carriers offered remedies in an attempt
and documents to the EU as requested by the end of to ease concerns, though the EU believed that they would
September 2010.[42] Olympic and Aegean were hoping not be enough to protect travelers adequately and ease
for an early decision in order to synchronize 2011 flight competition concerns.[53] One of the remedies proposed
schedules, ideally by November 2010 as is the industry by the companies, included offering to cede takeoff and
standard, in order to reap the benefits and synergies of landing slots at Greek airports, though the commission
the merger as soon as possible.[42] The airlines claimed noted that Greek airports do not suffer from the conges-
a later decision would hurt them economically and com- tion observed at other European airports in previous air-
petitively against other airlines, and delay full benefits line mergers or alliances.[51]
from the merger until 2012.[42] EU competition commissioner Joaquín Almunia stat-
On 24 September 2010, it was announced that ed that the airlines could have won approval if they of-
Olympic Air had won the European Regions Airline As- fered to sell part of their fleet to a potential competitor
sociation Silver Award: Airline of the Year for 2010/2011.[44] or let another airline use one of their brand names, per
Olympic was praised for operating 190 daily flight within EU suggestions.[56] Aegean Airlines called the brand-
two months of starting operations, despite having been name proposal unacceptable, with vice-chairman Efti-
re-launched during an extreme economic crisis in Greece hios Vassilakis stating that the brand names have huge
and against a backdrop of a troubled past.[44] It was also value which both airlines have worked hard to build. Fur-
mentioned how the airline’s operation had brought thermore, Vassilakis stated that the brand name and fleet
Aegean Airlines to the negotiation table to agree to a remedy does not have a precedent in the history of air-
merger within a short time frame.[44] line mergers.[57]
On 21 October 2010, the EU commission announced Commenting on the developments in a joint press re-
that they would delay their decision on the merger until lease, Aegean Airlines chairman Thodoros Vasilakis stat-
12 January 2011.[45][46] Commissioner Joaquin Almunia ed "Throughout last year we presented to the European Com-
also cited difficulties with the two companies holding al- mission the benefits of the merger for our companies, our pas-
most all the domestic market in Greece.[45] Although a sengers and our country’s economy. We also offered important
specific reason for the delay was not given, according to commitments to safeguard consumers as well as measures to
publications, the commission typically defers decisions facilitate the entry of new competitors in the domestic market.
when companies offer to take steps that would ease con- Unfortunately, the EC decided to prohibit the agreement. An
cerns.[45] On 17 November 2010, Commissioner Joaquin important opportunity for a consolidated representation in the
Almunia confirmed that the two carries still face some European aviation market has been lost. We will adjust and
difficulties in their efforts to overcome antitrust con- continue. Our track record shows that we can succeed through
cerns over the merger, but stressed that they still have challenging times."[58] Olympic Air chairman Andreas
weeks ahead of them to find an adequate solution until Vgenopoulos mimicked Vasilakis’ thoughts on moving
the planned 12 January 2011 decision.[47][48] On 10 De- forward, also stating "The EC Decision will have negative
cember 2010, it was reported by Greek media that the consequences for consumers as well as our country’s economy
European commission has pushed back their ruling date while it will benefit foreign competitors. Obviously we, as well as
once again, this time with a new tentative date being set Aegean, will continue to do our best for the benefit of our staff,
for 2 February 2011.[49] February[50] our shareholders and our passengers".[58] Both airlines also
On 26 January 2011, the European Commission stated that they will study the block report issued by the
blocked the merger between the two airlines, citing anti- EU, and after careful analysis and discussion with their
competition concerns.[51][52][53] The commission stated advisers, will decide whether to appeal.[58]
that the merger would have created a "quasi-monopoly" Following a shake up of its board of directors, on 2
in Greece’s air transport market, with the combined air- March 2011 Olympic Air announced they plan to appeal
4
From Wikipedia, the free encyclopedia Olympic Air
the EU ruling with Aegean Airlines, while they also an- destinations not served by Olympic Air. Silver level is
nounced route network changes as apart of their strategy obtained by earning 8000 status miles within a year.
adjustment, which include the cancellation of most of • : In addition to Silver level privilleges, the Gold level
their western-European routes and additions of domestic offers 20% additional award miles on Olympic Air
and regional routes.[59] and Cyprus Airways flights, 24 hours free parking at
Athens Airport, access to the CIP Lounges of Olympic
Destinations Air, Fast Lane security control services at Athens
Airport, additional carry on luggage and checked
Main article: Olympic Air destinations baggage allowance, priority baggage claim and 10%
discounts on stays at Classical Hotels in Greece. Gold
Codeshare agreements level is obtained by earning an additional 20000
Olympic Air signed codeshare agreements with the fol- status miles within a year.
lowing airlines:[60][61] All former Olympic Airlines Icarus Frequent Flyer Program
• Cyprus Airways members were offered a 3000 award mile bonus to be-
• Delta Air Lines[6][62][63] come members of the Travelair Club.
• Etihad Airways[64]
• KLM Royal Dutch Airlines[65] Uniform
New uniforms have been selected in an online vote, after
Fleet an open invitation to designers for Olympic Air flight at-
tendants. Visitors of the site [www.oafashion.gr] could
The active Olympic Air fleet consists of the following air-
vote for their favourite uniforms among three bids. OA
craft, with an average age of 6.2 years:[62][66][67]
flight staff now wear uniforms designed by the renowned
Olympic Air fleet
designer Celia Kritharioti.[69]
Aircraft In ser- Orders Options Passengers Notes
vice J Y Total Logo
Airbus 3 0 0 0 138 138 The new logo was selected in an online vote, after an
A319-100 open invitation to designers. Visitors of the site Oalo-
Airbus 5 0 0 12 138 150 go.gr could vote for their favourite logo among three
A320-200 — 162 162 bids. The logo designed by Giannis Papathanasiou and
Panos Triantafillopoulos, heavily based on the existing
ATR-42 1 0 0 0 46 46
logo of Olympic Airlines, won the vote.[70] The six rings
Bombardier 5 0 0 0 37 37 are said to symbolise the five continents and Greece.[71]
Dash 8-100
Bombardier 10 0 8 0 78 78 Awards and recognition
Dash 8
Q400 Since its launch, Olympic has received a number of
awards and recognitions:
Total 24 0 8 • 2010 – Silver Effie Award for Corporate
Communication[72]
• 2010/2011 – ERA Silver Award: Airline of the Year[44]
Travelair Club • 2011 – Condé Nast Traveller 2011 Readers Choice Awards:
Travelair Club (written as Travelair Club) is the frequent
air Top Domestic Airline[73]
flyer program of Olympic Air, launched in November
2009. Members can earn miles on Olympic Air, Delta Air
Lines and Cyprus Airways flights, car rentals and hotels.
References
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http://www.olympicair.com/en-gb/news---
External links
• Official website
Retrieved from "http://en.wikipedia.org/w/index.php?title=Olympic_Air&oldid=463655094"
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• Airlines established in 2009
• Airlines of Greece
• Association of European Airlines
• Aviation in Greece
• IATA members
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