Aegean Airlines confirms Croatia Airlines bid
Greece’s largest carrier, Aegean Airlines, has officially confirmed reports it has expressed interest in the acquisition of Croatia Airlines and submitted a non-binding bid. Aegean, which is a fellow member of the Star Alliance group, said in a statement, "Any significant decision on whether or not the company is likely to participate in the next phase of the privatisation process will be taken in the coming months, following the provision of information and discussions, in accordance with the procedure set by the Republic of Croatia". The next phase of the process is expected to involve the government announcing a tender for the submission of binding bids and setting out the amount of shares it is willing to sell in the company. It previously noted it would offer a stake of up to 70%.
Aegean Airlines participated in the previous attempt to privatise Croatia Airlines back in 2015. It entered into the second round of talks with then privatisation advisors International Finance Corporation, however, a change in government in Croatia put an end to the company’s privatisation drive. As an airline registered in the European Union, Aegean can purchase a majority stake in its Croatian counterpart. The two carriers share a similar fleet structure, with both operating Airbus A320-family jets and Dash 8 turboprops. Furthermore, both have A320neo aircraft on order, with Aegean taking delivery of its first jet of the type recently. However, the similarities between the two mostly end there. Aegean has been continuously profitable since 2013, recording a 67.9 million euro profit last year. It employed some 2.700 people in 2018, carried 13.9 million passengers and registered an average cabin load factor 83.9% with a fleet of 63 aircraft.
The Croatian Minister for Sea, Transport and Infrastructure, Oleg Butković, previously said the government would avoid concluding a similar privatisation agreement to the one its Slovenian counterparts made with Germany’s 4K Invest over the sale of the now- bankrupt Adria Airways. “We don’t want such a strategic partnership, where state interests and services of importance to Croatia would not be safeguarded”, Mr Butković said. He warned that Croatia Airlines could face a similar scenario to that of Adria if this privatisation process failed. “If we are unable to find a strategic partner and the process is unsuccessful, such a scenario is possible. However, I am certain we will find the best possible solution to stabilise Croatia Airlines and enable it to grow. Croatia, as a country dependent on tourism, needs a national carrier. We are not in the same situation as Slovenia. Adria Airways was a privately-owned company and, as a result, the state was limited in its ability to provide financial assistance. Furthermore, we can’t put the two companies on an equal footing in terms of the size of the market and volume of operations”, the Minister said.
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