Ryanair and Aegean Airlines are among nine companies that have submitted bids for the acquisition of Cyprus Airways.
Cyprus’s transport minister Marios Demetriades told Reuters that “more than half” of the 15 parties that had made initial enquiries have now submitted “non-binding business proposals” by the time the deadline expired on Wednesday.
"I would say the response is encouraging, but we have to assess the non-binding proposals to see what they contain," Demetriades said.
A government-appointed commission will now come up with a short-list and those will be invited to submit binding offers.
Cyprus Airways’ future has been insecure for the past couple of years and in April last year it rejected a rescue plan from the island’s government. It has also sold off assets including slots at Heathrow airport.
Last week Ryanair’s CEO Michael O’Leary confirmed it had made a bid for the struggling airline. He said if it won the bid then Cyprus Airways would retain its brand and operate under a separate air operator’s certificate to Ryanair.
Ryanair.com
CyprusAirways.com
Aegean.com