LOT may go public to raise capital, then the Treasury could convert their shares of the Polish carrier to a smaller stake in the European aerospace holding company from the negotiated market flights for LOT – says economic expert PiS Paul Szałamacha.
Expert Sobieski Institute believes that “a time of great privatization is behind us.” Privatized may be a LOT and sold a few percent of the shares in energy companies where the Treasury is above 50 percent. In the hands of the state should be companies such as Mail or Polish PKP. He criticized the privatization of PKP Energy.
– We believe that the time of the great privatization in Poland has ended, that privatization is no longer supplied a lot of money in the budget. In several cases, the privatization became even too far, that is part of the Treasury in these companies is too low, even threatening a hostile takeover, as was the case in Tarnów Azoty – said Szałamacha.
As noted , one of the companies, which “should be considered, however, in the context of privatization,” are Polish Airlines LOT. – On the other hand it must be done sensibly and wisely, because we see that a number of aviation companies in our region have been privatized in the past, partially or completely, and some of them did not survive the experience – he stressed.
He gave an example, among others, Bulgarian line of Balkan and Hungarian line Malew. The latter were first fully privatized, then on the verge of bankruptcy were nationalized, then went bankrupt and were closed.
– Looking at these 20 years of experience, perhaps there is another way – he stressed. He noted that currently much of the line is in the hands of the state, especially those that are successful. – It follows from this that the standard ownership of this sector is private property, also due to the deadly competition from low-cost carriers, and poor ability to respond to the competitive challenges of companies that have the privilege of being a showcase of the country, and not always an efficient machine for transporting passengers and benefit the owner – he said.
“sensible from the point of view of the LOT would be restructuring”
in his opinion, “makes sense” from the point of view of the LOT terminal u would be the restructuring and achieve maximum results in the current ownership structure, then obtaining money for the development of the exchange, and then finding a place for LOT in the “larger structure of European companies.” Then SP swap their shares for a smaller stake in a larger entity to the negotiated role for Warsaw. As reasons, it is difficult with such a history LOT immediately sell the company to an industry investor or financial.
– This design would be that the Treasury would bring its shares in PLL LOT into a holding company controlling more companies would create a kind of triangle operators and would involve a course of negotiation for Warsaw and for LOT geographical market expansion, which in our case perfectly in Central Europe, the Caucasus, close to Asia, the Balkans, so that a passenger from London, for example, to Odessa, or to Skopje flew through Warsaw – he explained. He added that it would develop the presence of LOT in these markets, as well as the importance of the port at Okecie.
He mentioned two potential holdings, which could enter LOT: with the participation of Air France and KLM and Iberia and British Airways.
“the challenge for LOT is too aggressive competition”
He noted that apart from restructuring and privatization, the challenge for LOT is too aggressive competition Polish market from SAS and Lufthansa, which took a call from regional airports, all of which cost reasons resigned LOT.
Szałamacha criticized for sale Power station. – It is a phenomenon on a European scale, such companies with a network principle is not privatized – he said. As estimated monopoly (market power supplies to the station) subject to privatization will not behave as a competitive entity and will be very scrupulously enforce pension monopoly.
PAP, Celebrating
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