8 Ocak 2011 Cumartesi

Eight groups bid to advise on Turkish Airlines sale


ISTANBUL, Jan 7 (Reuters) - Eight consortiums bid to advise the Turkish government on the planned sale of a stake in flag carrier Turkish Airlines (THYAO.IS), the Privatisation Administration (OIB) said on Friday.
Citigroup (C.N), BNP Paribas (BNPP.PA), Credit Agricole, Goldman Sachs (GS.N), HSBC (HSBA.L), Merrill Lynch (BAC.N), UniCredit (CRDI.MI) and UBS (UBSN.VX)(UBS.N) have bid, along with Turkish partners, in the tender to advise on the sale, the OIB said in a filing with the stock exchange.

The government retains a 49.12 percent stake in Turkish Airlines, Europe's third-biggest carrier by passenger numbers, and opened a tender last month for consultancy services to determine a privatisation strategy.
It is unclear how much of its stake Turkey wants to sell or how it will sell the shares, particularly as Turkish law requires that a domestic carrier be majority Turkish owned.

The government's entire stake is worth about $3.4 billion at Turkish Airlines' current share price of 5.42 lira.
Government officials have said in the past they are considering an additional public offering in the airline, but this has not been finalised. No date for any sale has been provided and analysts have said it could take years.
Turkish Airlines shares fell 0.4 percent to 5.42 lira, in line with a decline in the benchmark Turkish index.

(Writing by Ayla Jean Yackley; Editing by David Holmes)


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