Merrill Lynch Japan Securities and Morgan Stanley MUFG Securities have been selected as underwriters for the overseas portion of the Japan Airlines initial public offering (IPO). JAL is planning to raise between JPY500 billion (US$6.5 billion) and up to JPY1 trillion (US$13 billion) as early as September and aims to submit its IPO filing to the Tokyo Stock Exchange in July. Meanwhile Turkish Airlines (THY) is to begin acquisition talks with Polish flag carrier LOT, which posted a $17 million loss in 2010. “We have decided on LOT Airlines… negotiations will start as soon as possible” Hamdi Topçu chairman of

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