Turkish Airlines in talks to take stake in Spanish airline

A Spanish newspaper has reported that Turkish Airlines is in talks to buy a major stake in the troubled Spanish airline Spanair

Spanair has admitted it is in talks with potential investors, but would not confirm that reports in the newspaper Expansión about Star Alliance partner Turkish Airlines is in talks to acquire a 49% stake in Spanair are correct.

"With regards to recent reports, it is true that we are talking to a number of people, including industry players, about potential investment," said Spanair strategic planning director Jim Paton. "However, we cannot comment further on press rumours regarding an approach by Turkish Airlines," he said.

According to the airline's latest filings with Air Transport Intelligence (ATI), Cimalsa and Avancsa, both regional government agencies, own 17.8% and 8.9% of Spanair, respectively. Turismo de Barcelona and Fira de Barcelona - both of which are 50% publicly-held - each held a 13.4% stake. Private investors Catalana d'Iniciatives and Volcat 2009 held 10.7% and 20.8%, respectively, and SAS continued to hold 11.9%. The remainder is held by Spanair employees.