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Lebanese central bank blocks MEA's bid for Cyprus Airways
- Lebanon: Sunday, May 12 - 2013 at 07:23
The Lebanese central bank has said it could not approve Middle East Airlines' (MEA) bid to acquire financially troubled Cyprus Airways as such a deal could increase risks for the Lebanese carrier, The Daily Star has reported. "Commercially, this matter is left to MEA to assess the acquisition," said central bank governor, Riad Salameh. "But in principle the central bank, which controls the majority of the national carrier, cannot approve MEA's acquisition of Cyprus Airways," he said. MEA has been negotiating with Cyprus Airways to acquire either part of the carrier or the entire airline, but details of these talks remained sketchy. "Unless MEA becomes a private company, it is difficult for the airline to expand outside Lebanon because this does not suit the role and purposes of the central bank," Salameh said.
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