Consortium reportedly wants 30% discount on LOT stake

A consortium of financial institutions created and led by ING Bank Slaski is reportedly interested in the 25% stake in LOT Polish Airlines currently held by Swissair. Puls Biznesu quotes unofficial sources as claiming that a leadi ng ally in the consortium is Credit Suisse First Boston, although Credit Sui sse representatives deny the report. Analysts quoted by Puls Biznesu suggest the consortium could be planning to sell the stake on to British Airways at a later date. LOT's total share capital is currently valued at zl.447.67 mil lion, which means the 25% stake held by Swissair is nominally worth around z l.112 million. The analysts estimate the ING Bank Slaski-led consortium woul d be prepared to pay no more than zl.78 million for the stake, which would m ean offering a discount of some 30% to convince them to go ahead with the tr ansaction. (Puls Biznesu, p. 7) A.K.