Topçu said he met with Polish Economy Minister Waldemar Pawlak in December to discuss the privatization of LOT. “The minister asked us if we would like to acquire the carrier,” he said. Topçu said they plan to meet with Polish officials shortly to evaluate the sale. “Following our studies in the market we have finally decided LOT would be a profitable option. … We hope this will be a win-win operation to benefit both sides,” he asserted. Polish sources had earlier voiced concern that the new investors should be able to guarantee jobs for current employees at LOT as well as develop the carrier itself.
THY also released a written statement to the Public Disclosure Forum (KAP) on Saturday, saying the company has commenced market research to evaluate the sale process for LOT. One of the oldest carriers, established in 1929, LOT's privatization first came to the agenda in 2008, when the company suffered a $262 million loss, slithering to the verge of bankruptcy. Financial troubles pushed the company to take further austerity measures, and they cut 400 jobs in 2010.
The Polish government in May of last year said the carrier's privatization would be finalized within the next 12 months, meaning that the privatization should be completed in mid 2012. Polish officials have also stressed LOT's privatization was the only chance to maintain its existence in the market. Earlier reports on LOT's privatization have speculated Air France and Air China were also interested in acquiring the Polish carrier. LOT currently has 36 aircraft in its fleet.
THY has been associated with separate acquisitions outside Turkey in the past, including Serbia's JAT Airways in 2010. The carrier currently holds a 49 percent stake in Bosnia and Herzegovina's BH Airlines, its only partnership thus far with a foreign carrier. The most recent such claim was aired by the Czech press on Saturday, saying that THY planned to acquire Czech Airlines. THY rejected the claims, however, adding that they were “open to evaluate new opportunities in foreign markets.” Etihad Airways, Qatar Airways and Emirates were also reported among the non-EU investors interested in the Prague-based carrier.
