Airlines

Turkish Airlines (THY) has been ruled out from taking part in the privatisation of fellow Star Alliance carrier Austrian Airlines Group after missing the deadline for submitting its initial expression of interest for the carrier.

Austrian state holding company OIAG is selling its 42.75% stake in the Austrian airline group and set a 24 August deadline for submissions of interest.

THY last month firmed its initial interest, saying it had submitted an expression of interest. But in stock market statement issued today the airline says: "Our offer reached the authorities after the deadline. The OIAG have sent us a letter saying THY is out of the tender."

Air France and Lufthansa are among the carriers to have outlined their interest in taking part in the privatisation. Prospective participants must present proposals by tomorrow, after which a shortlist will be announced.