27 January, 2012

Airport Domodedovo loses flights on the eve of the sale

Domodedovo Airport is beginning to lose the largest carriers. Following the Lufthansa and Turkish Airlines in late February to transfer some flights to Vnukovo preparing to announce "Transaero". Demarche airlines can reduce the cost of the asset to be sold. But the chances of a quick end to the deal becomes less and less. How the "Y" to accept applications from potential customers extended until March 1, and so far none of the applicants did not agree on the indicative price named - $ 5.5 billion ceiling applications is disclosed to be $ 3.5 billion

The second airline in Russia - "Transaero" - based at Domodedovo, the spring can begin flights from Vnukovo, three sources told the "Y" in the aviation and oil markets. In late February, the airline is to announce the opening of several new flights and transfer of existing Vnukovo, they say. "While we are talking about approximately 20 flights a day - in the Ukraine, Israel, the Far East and other areas," - said one of the interlocutors, "b". Another source of "b" says that "Transaero" can totally go to Vnukovo fall. In the company from commenting on the transfer of flights declined. Source: "b", close to Domodedovo, confirmed this information, but assured that it is only the part of the flight.

Now the bulk of traffic in the Moscow aviation hub, "Transaero" perform from Domodedovo, some flights - from Sheremetyevo. For up to Domodedovo 2011 "Transaero" is the main carrier: it accounts for 20-25% of passenger traffic airport, said one source, "b". Passenger traffic of the Domodedovo airport in 2011 was 25.7 million passengers (ranked first in the country), "Transaero" carried 8.4 million passengers.

In the market believe that the cause of the transition may be more advantageous terms, which Vnukovo offers carriers to fill the new terminal (opened in summer 2010). But the companion "b" in one of the airline believes that "Transaero" could negotiate more favorable prices for fuel and refueling aircraft with "Rosneft", which in December agreed to buy 50% stake in the refueling complex Domodedovo (Domodedovo "Transaero" works with "Gazpromneft"). "Hardly," Transaero "completely abandon Domodedovo: Vnukovo just does not fit all wide-body fleet of the airline - the head of Analytical Services Agency" Airport "Oleg Panteleyev .- But some scheduled flights is possible to transfer to another airport because of" Transaero "not relies on the dock and the change does not hit home its business. "

"Transaero" is not the only company that has decided to transfer part of its flights to Vnukovo. In late 2011, the German Lufthansa (flies from Domodedovo) announced the opening of the Vnukovo three flights a week, and in early January, Turkish Airlines announced that from March 25, completely transforms the airport flights from Sheremetyevo and Domodedovo (about 40 flights a week). Clearly the reasons for the transition to Vnukovo airlines did not explain.

The two sides "b" in the aviation market believe that the withdrawal of flights from Domodedovo may be associated with the sale of the airport and the desire of buyers, some of whom are co-owners of Vnukovo, to reduce the price of the asset. According to them, now Goldman Sachs continues to work with potential investors (in the summer of 2011 made an unsuccessful attempt Domodedovo IPO in London). "At the meetings as an indicative assessment of $ 5.5 billion sounds a 100% stake in the airport," - said one of the interlocutors, "b". Investment bank collects the application, in which the potential buyer can offer a price and package size, which he is willing to buy at this price.

"Major contenders two - these are private owners Vnukovo and the" Amount "Ziyavudina Magomedov," - says the source "b" is familiar with the negotiations. Both companies claim to a controlling stake, "Total", he said, had already agreed with the Savings Bank on the financing of the transaction. But so far none of the buyers are not offered for the airport more than $ 3.5 billion, sources of stress, "b", and last week, Goldman Sachs has extended the original deadlines for applications for about a month - until March 1. Elena Sakhnova of "VTB Capital" estimates Domodedovo at $ 4-4.5 billion, that is closer to the bottom of the price range set by the organizers of the airport IPO last year. The analyst believes that the maintenance cost would be "very strong argument" for investors in favor of reducing the price of the airport.

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