Turkish to begin talks with LOT for major shareholding

Turkish CEO, Dr Kotil, said late last year that his airline was looking to invest in another carrier. Turkish had made an attempt to buy in to LOT more than two years ago.

But now, according to the airline's chairman, Hamdi Topçu, more than 12 airlines had approached Turkish for investment, but the airline has its eyes firmly on the Polish carrier.

Istanbul newspaper Hürriyet Daily News reported today that T opçu was ready to begin acquisition talks. It is understood strong opposition has been voiced in Poland over the idea of selling the $17million loss making airline to foreign ownership. 

“Many airlines have proposed partnerships with us. We have decided on LOT Airlines after analyzing [the offers]. The official negotiations will start as soon as possible,” T opçu told the newspaper.

“Turkish Airlines has grown three to four times more than the world average for the aviation industry and has both made investments and maintained profitability. Some 13-14 airlines firms have made an offer, saying, ‘Acquire us.’” Such offers were made during inter-governmental talks, said Topçu, adding that THY’s decision was based on a “win-win” approach.

The Polish economy minister said in December 2011 that LOT would be privatized and that he had wanted Turkish Airlines to acquire it, Topçu told Hurriyet.

Turkish Airlines agreed to a partnership late last month with Ukraine’s AeroSvit Airlines underscoring THY’s growing interest in Eastern Europe. It has also begun a new strategy in the Balkans in a bid to gain a share of the flight market between the United States and Southeastern Europe.