AEROFLOT CHIEF CALLS FOR SALE TO BE DELAYED UNTIL 2014

Dino D'Amore
By Dino D'Amore July 12, 2011 15:26

AEROFLOT CHIEF CALLS FOR SALE TO BE DELAYED UNTIL 2014

Aeroflot chief executive Vitaly Savelyev has advised Russia not to sell its 51% stake in the airline until 2014 or after its planned merger with other state aviation assets.

The sale was announced last month by Russia finance minister Alexei Kudrin. It is part of a wider sell off of state assets, including VTB, which has already been sold, and Sberbank. Savelyev has requested the sale of the airline be pushed to the back of the line while it is integrating new acquisitions. Aeroflot is taking over the aviation from Russian Technologies which will grow the airline’s market cap by 30%-40%.

Savelyev says Aeroflot may “need a year or more to get them [the new assets] in order”.

Dino D'Amore
By Dino D'Amore July 12, 2011 15:26
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