I can't see what's in it for Aegean either.
Why take on all Olympic's problems and all the regulatory hassles when you can watch them slowly perish and occupy the space they were in anyway.
I know they were refounded a few months back, but to all impressions, that's just solved the accounting problems, not all the managerial ones which will threaten their long-term viability again.
If Aegean and Olympic merged it would mean there would be basically no domestic competition in Greece. This is something that the EU competition authorites would not be happy about.
Does anyone know how these airlines are performing when it comes to revenue at the moment?