Aegean Airlines (A3, Athens) is set to receive the greenlight from the European Commission for proceeding with plans to bid for rival Olympic Air (OA, Athens). According to Reuters, the airline has reportedly convinced the EC that Olympic Air would face closure if the deal is blocked. As it stands, this is Aegean's second bid for Olympic, its first was rejected in 2011 because of the combined company's quasi-monopoly in the Greek air travel market. In its renewed bid, Aegean offered to cap fares on "some" domestic routes as part of its EUR72million offer. A tie-up is also seen as critical for Aegean which, together with other Greek operators, faces a shrinking domestic market. An announcement on the acquisition is expected on October 9.