Turkish airlines public offering & pegasus float possible

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
15/02/2011 14:43

Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/9cbd4daa-384d-11e0-8257-00144feabdc0.html#ixzz1E1yxE0kh



urkey is preparing to sell a further stake in Turkish Airlines, cashing in after a period in which the flag carrier has expanded rapidly by using Istanbul as a hub for transit between Europe and the Middle East.



The privatisation agency will hear bids to advise on the sale on Tuesday, according to a banking source. The agency last month said shortlisted bidders included consortia led by Citigroup, Credit Agricole, Goldman Sachs, HSBC, UniCredit and UBS.

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
15/02/2011 14:45

If the government presses ahead quickly with a secondary public offering of THY shares, it may have to compete for investors’ attention with Pegasus, the feisty budget airline owned by the businessman Ali Sabanci. Pegasus was expected to float earlier this year but is still considering the timing and pricing of its initial public offering.

For THY, analysts think an SPO the most likely outcome, in order to avoid political controversy over the price of any block sale. However it decides to proceed, the state is likely to keep a golden share, giving it control over the company’s strategy.