EU recommends Jat Airways to be sold to Europeans

The EU wishes to see Serbia's national carrier sold to a European company, Velimir Ilić has confirmed.

Izvor: B92

Monday, 14.01.2008.

14:43

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The EU wishes to see Serbia's national carrier sold to a European company, Velimir Ilic has confirmed. The infrastructure minister in the Kostunica government told a Belgrade business daily that his ministry received this recommendation regarding the planned Jat Airways privatization. EU recommends Jat Airways to be sold to Europeans The reason for this, Ilic explained, is that the Open Skies Agreement, which will be joined by Serbia's carrier this year, applies to European companies only. But Ilic, who says he will "forward the recommendation to the cabinet," appeared unconvinced. "Far be it from us to listen to such EU recommendations. Well, we can't very well embarrass ourselves organizing international tenders," he said, and wondered "how to call an international tender if some participants are eliminated in advance." The EU recommendation is seen in economic circles as an attempt to remove Russia's Aeroflot from the race to buy Jat Airways. Last year, speculation was rife that Aeroflot's only interest in acquiring Jat was precisely a chance to enter the Open Skies via the Serbian carrier. Jat Airways would, in case it is sold to the Russians, risk being shut out of the lucrative agreement. But the company's privatization adviser, Rothschild, reportedly has two scenarios ready in case of this outcome. According to the first, the state would sell 49 percent of its stake in Jat, nominally maintaining ownership over it, but relaying all management rights to the buyer. Under the second scenario, a non-European buyer would be allowed to acquire 49 percent, plus two percent from Jat's daughter firms registered in one of the EU countries.

EU recommends Jat Airways to be sold to Europeans

The reason for this, Ilić explained, is that the Open Skies Agreement, which will be joined by Serbia's carrier this year, applies to European companies only.

But Ilić, who says he will "forward the recommendation to the cabinet," appeared unconvinced.

"Far be it from us to listen to such EU recommendations. Well, we can't very well embarrass ourselves organizing international tenders," he said, and wondered "how to call an international tender if some participants are eliminated in advance."

The EU recommendation is seen in economic circles as an attempt to remove Russia's Aeroflot from the race to buy Jat Airways.

Last year, speculation was rife that Aeroflot's only interest in acquiring Jat was precisely a chance to enter the Open Skies via the Serbian carrier.

Jat Airways would, in case it is sold to the Russians, risk being shut out of the lucrative agreement.

But the company's privatization adviser, Rothschild, reportedly has two scenarios ready in case of this outcome.

According to the first, the state would sell 49 percent of its stake in Jat, nominally maintaining ownership over it, but relaying all management rights to the buyer.

Under the second scenario, a non-European buyer would be allowed to acquire 49 percent, plus two percent from Jat's daughter firms registered in one of the EU countries.

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