Poland plans to give up controlling stake in LOT
July 19 (Reuters) - Poland's government wants to change regulations and allow the treasury to give up its controlling stkae in the national carrier LOT [LOT.UL], daily Dziennik said on Saturday, quoting the treasury ministry's spokesman.
Current laws say the state must have at least 51 percent in LOT.
"The project has already been consulted by ministries. It will go to parliament in early autumn," Dziennik quoted treasury ministry spokesman Maciej Wewior as saying.
The state now holds a 68 percent stake in LOT.
In early March, Treasury Minister Aleksander Grad told Reuters the government would rush to launch the changes to ensure they are in place before the company's Initial Public Offering (IPO).
The treasury plans to list LOT on the Warsaw bourse by the end of February 2009.
LOT faces increasing headwinds as it fends off competition from low-cost airlines such as Ryanair (RYA.I: Quote, Profile, Research) and Wizz Air.
The IPO would involve an issue of new shares by LOT and the sale of part of the 25-percent held by a bankruptcy administrator of Swissair assets, a remnant of unsuccessful privatisation efforts in 1999. (Writing by Karolina Slowikowska; editing by Clarence Fernandez)
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