Ministry begins LOT sale process
The bids detail possible privatization methods for LOT, which could include a sale to a strategic investor, a flotation on the Warsaw Stock Exchange (WSE) or a combination of the two.
"The ministry intends to close the whole procedure by the end of April," said Zbigniew Kiszczak, plenipotentiary for LOT's privatization.
In the first stage, the ministry will evaluate each consortium's method of privatizing LOT, Kiszczak said. The second stage will consist of an evaluation of fees requested by a short-listed group of bidders, he added.
"Ideally, (short-listing) would be a two-week matter, but it might take a little bit longer," Kiszczak said. He added that work on the privatization would start by the end of April.
The nine consortia bidding to manage LOT's privatization include Dresdner Kleinwort Benson and Business Management & Finance; ING Baring Securities Poland and DM Banku Slaskiego; CA IB Financial Advisers, CA IB Securities and Societe Generale Securities Polska; Central Europe Trust and J.P. Morgan Securities; The Boston Consulting Group; Chase Manhattan, Chase Found Management Polska, CDM Pekao, NICOM Consulting and Donaldson, Lufkin & Jenrette International; NM Rothschild & Sons and ABN Amro Bank Polska; Bank Handlowy and West Merchant Polska; HSBC Investment Services and HSBC Guziejewski & Albrecht Securities Polska.
"The ministry intends to close the whole procedure by the end of April," said Zbigniew Kiszczak, plenipotentiary for LOT's privatization.
In the first stage, the ministry will evaluate each consortium's method of privatizing LOT, Kiszczak said. The second stage will consist of an evaluation of fees requested by a short-listed group of bidders, he added.
"Ideally, (short-listing) would be a two-week matter, but it might take a little bit longer," Kiszczak said. He added that work on the privatization would start by the end of April.
The nine consortia bidding to manage LOT's privatization include Dresdner Kleinwort Benson and Business Management & Finance; ING Baring Securities Poland and DM Banku Slaskiego; CA IB Financial Advisers, CA IB Securities and Societe Generale Securities Polska; Central Europe Trust and J.P. Morgan Securities; The Boston Consulting Group; Chase Manhattan, Chase Found Management Polska, CDM Pekao, NICOM Consulting and Donaldson, Lufkin & Jenrette International; NM Rothschild & Sons and ABN Amro Bank Polska; Bank Handlowy and West Merchant Polska; HSBC Investment Services and HSBC Guziejewski & Albrecht Securities Polska.
