Malév Hungarian Airlines
Malév, one of the leading airlines of Central-East Europe, has built up enormous experience connecting the cities of West and East Europe.
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Hungary's State Privatisation Holding (ÁPV) is expected to decide about the sale of national carrier Malév this week, daily Népszabadság said on Tuesday. The airline will hold an extraordinary general meeting on Friday.
Only one consortium, Aviation Solution International (ASI), has submitted a bid for the state's 99.95% stake on offer. According to the newspaper's information, 51 % state-owned Russian airline Aeroflot is the dominant partner in the ASI consortium, which also includes Hungarian investors.
ÁPV invited a single-round tender for Malév's sell-off on 7 September and said on 22 October that it would assess the validity of the sole bid it received within 30 days.
Népszabadság said ASI would not pay more than the HUF 150 million “retention money" for the Malév package. Nevertheless, the state has set strict conditions for the potential buyer who also has to assume Malév's debt of over HUF 36 billion and to re-capitalise it.
Former minister of economy, István Csillag is suspected to be unwilling to accept the Chairman's post. Therefore, it is possible that the general meeting will not separate the post of the Chairman and Chief Executive Officer, currently filled by László Sándor.
Source: Portfolio online financial journal
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16.11.2004
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