Olympic Air boss does not rule out Cyprus merger

Greece's Olympic Air cannot rule out the possibility of a merger with Cyprus Airways in the future, the chairman of the Greek airline said on Thursday.
The two airlines signed a code sharing deal in March, applying to domestic and international scheduled flights of both carriers.
"Will it be a merger, will it be an acquisition, nothing can be ruled out," Olympic Air chairman Yannis Karakadas told the Greek financial newspaper O Kosmos tou Ependiti, adding it was early to announce anything.
Olympic, which was privatised in 2009, said it wants to see the results of the code sharing deal in practice before considering a closer cooperation.
"As we discover real synergies which can be utilised through our cooperation, it will give an incentive to both sides to discuss the possibility of a strategic cooperation which could include a share scenario," Karakadas said.
Last January EU regulators blocked the proposed merger of Olympic and Aegean Airlines saying it would result in higher prices for consumers.
Cyprus Airways is majority controlled by the Cypriot state. It has seen losses mount in recent years from cheaper competitors encroaching on its most profitable routes.
It recently received a 20 mln euro ($28.59 mln) cash injection from the Cypriot government as compensation for a ban against flying over airspace of neighbouring Turkey, an impediment its competitors do not have.