Turkish Airlines To Buy Bosnia Carrier BH

December 30, 2010

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Turkish Airlines will acquire the remaining 51 percent stake in BH Airlines, flag carrier of Bosnia's Muslim-Croat federation, early next year, Dnevni Avaz newspaper reported on Thursday.

Turkish Airlines bought 49 percent of BH Airlines in 2008 in a joint venture deal under which it provided EUR€5 million (USD$6.6 million) to cover the costs of leasing two aircraft and pledged to invest an additional EUR€5 million.

The Bosnian carrier's officials told the newspaper the sale would go ahead after the new Muslim-Croat federation government takes office, though this process has been slow and power-sharing negotiations are still going on three months after a general election.

If the process drags on the sale may be approved by the outgoing government to avoid the closure of the company, the paper quoted an unnamed source as saying.

(Reuters)