LOT Goes Public
Polish airline LOT picks JP Morgan and UniCredit as IPO advisors
WARSAW - Polish national airline LOT picked JP Morgan and UniCredit as advisors in the carrier's initial public offering (IPO) planned for next year, Deputy Treasury Minister Joanna Schmid was quoted as saying.
'LOT's management picked advisors in the company's public offering, and they are JP Morgan and UniCredit,' state newswire PAP quoted Schmid as saying.
The treasury wants to move swiftly with selling down its 68 percent stake in the carrier. Treasury Minister Aleksander Grad has said he saw no reason to hold a major stake in LOT, which like other flag carriers in Europe is facing pressures from budget airlines while its low-cost unit has racked up losses.
Local media have reported that German airline Lufthansa AG was interested in buying a majority stake in LOT - already a member of the Lufthansa-led Star Alliance. Lufthansa has declined to comment on the reports.
The Polish carrier had a net profit of 161 million zlotys on 2.98 billion in revenues last year, while the number of passengers it carried rose 15 percent to almost 4.3 million.
forbes.com
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