Aegean Airlines has launched a bid to acquire Croatian Airlines, submitting a non-binding bid.

In a brief statement, the Greek carrier confirmed: “Aegean has participated in the non-binding indicative offer stage of privatisation of Croatia Airlines, which does not include any commitments from the company.

“Any material decisions about potential participation or not in the next stage will be taken in the following months, following the provision of access to information and discussions, as per the process the republic of Croatia will prescribe.”

The next phase of the process is expected to involve the Croatian government announcing a tender for the submission of binding bids and setting out the number of shares it is willing to sell in the company.

It previously noted it would offer a stake of up to 70 per cent.

Aegean Airlines participated in the previous attempt to privatise Croatia Airlines back in 2015.

The Greek airline entered into a second round of talks with then privatisation advisors International Finance Corporation.

However, a change in government in Croatia put an end to a privatisation drive.

As an airline registered in the European Union, Aegean can purchase a majority stake in its fellow Star Alliance member.

The two carriers share a similar fleet structure, with both operating Airbus A320-family jets and Dash 8 turboprops.

Aegean has been continuously profitable since 2013, recording a €67.9 million profit last year.