Could more mergers follow Aegean's acquisition of Olympic?
30 December 2013 Last updated at 10:25 GMT
In October, Greece's former flag carrier Olympic fell into the hands of rival airline Aegean.
Now the industry is asking whether this could mark the start of a series of further mergers and acquisitions in Europe.
Some think that profits are so thin that companies desperately need to consolidate - and they are hoping the process will start in 2014.
Jeremy Howell reports.