LOT up for sale -but who will buy it

摘要

Prompted by troubles in its domestic economy, the Polish government appears determined to privatise LOT Polish Airlines in the next year or two. But will Poland's flag carrier attract any interest from other airlines given its creaking finances and the increasing attacks it is facing from LCCs? LOT Polish Airlines was launched back in 1929 and has traditionally been a pioneer among eastern European airlines; for example, it was the first one to acquire a western aircraft, back in 1989. And in 1992 LOT became what is called a "joint stockholder" company, which was envisaged as the first step towards privatisation. But although the SAirGroup took an initial 10% stake in the airline in 1999 and increased this to 37.6% by January 2000, the shareholding was subsequently reduced to 25% and in June last year the Polish government acquired the SAir stake from its liquidators, thereby bringing the state's share in LOT back up to 93.1% (of which 68% is owned by the Polish Treasury and 25.1% by the "Finance Society Silesia", which is owned by the Treasury), with the remaining 6.9% owned by employees.