Turkish Airlines (TK, Istanbul Airport) has ruled out any plans to acquire a stake in Croatia Airlines (OU, Zagreb Franjo Tuđman), Adria Airways (Ljubljana), or Montenegro Airlines (Podgorica) following its bad experience while a 49% shareholder in B&H Airlines (Sarajevo). According to EX-YU Aviation News, Turkish Airlines’ Vice President for Marketing and Sales in Eastern Europe and the Balkans, Mehmet Baspinar, said his airline would require complete control of another carrier in order for it to effectively enforce its strategy. This, however, was not an option given European Union legislation capping foreign ownership of local carriers at 49%.
“We want to become the largest airline in the region and a major player in the world. More and more the world today tends to lean towards the East, as was the case in the past. Therefore, the Balkans, Eastern Europe, including, Ukraine, as well as the Caucasus and Turkey are very important to the strategy of our company development,” he said.
Following an initial investment of USD6.1million in 2008, Turkish Airlines' returned its 49% stake in the Bosnian Herzigovinan carrier to the local government for free in 2012 citing a breakdown in its relationship with Sarajevo.
Baspinar also rejected press reports claiming his airline had expressed an interest in acquiring a majority stake in Ljubljana Jože Pučnik Airport stating that Turkish Airlines does not acquire airports.