June 4 (Bloomberg) -- Turk Hava Yollari AO, or Turkish Airlines, gained after saying it’s dropping preparations to bid for Poland’s state-owned carrier Polskie Linie Lotnicze LOT SA.
The shares climbed 0.8 percent to 2.61 liras at the close in Istanbul after gaining as much as 1.5 percent.
Turkish Airlines dropped the bid after deciding the purchase would make a limited contribution to medium- and long-term growth plans and shareholder value, the company said after the market closed on Friday.
“We have argued that such an acquisition would weigh on the company’s indebtedness and bring operational burden while Turkish Airlines is digesting its fleet expansion in Turkey,” Oyak Securities said in an e-mailed report today.
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