Turkish Airlines eyes up LOT buy

Istanbul
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Turkish Airlines has begun negotiations to acquire a controlling stake in LOT Polish Airlines.

Hamdi Topcu, Turkish chairman, said: "We are starting negotiations to buy LOT. It should be a win-win situation for both sides."

The Polish government holds 68% of LOT's shares. However, last year it announced it was looking to offload its stake.

Topcu said THY's continued growth and profitability had led to "13 or 14 airlines" approaching it for investment.

"We have worked on [acquisitions] for more than a year and have chosen LOT."

LOT made a net loss of $17.2 million in the year to 31 December 2010.

In contrast, for the same period, Turkish made a net profit of $189.3 million.