UK Govt Mulls Sale Of 49% Stake In Air Traffic Controller NATS

22nd Jun 2010 13:37

LONDON (Dow Jones)--The U.K. government is considering selling its stake in air traffic controller NATS, Chancellor of the Exchequer George Osborne said Tuesday. The announcement that it may sell its 49% interest was made during the first Budget since the coalition government took office in May. NATS, a public private partnership, provides air traffic control services to aircraft flying in UK airspace, and over the eastern part of the North Atlantic. A 42% stake is held by a consortium of U.K. seven airlines known as the Airline Group. NATS staff hold 5%, while the U.K. airport operator BAA Ltd. holds 4%. The Airline Group comprises British Airways PLC (BAY.LN), bmi British Midland which is owned by Deutsche Lufthansa AG (LHA.XE), Virgin Atlantic, Thomson Airways, Monarch, easyJet PLC (EZJ.LN) and Thomas Cook Group PLC (TCG.LN). The new government is on a mission to cut spending and raise cash as it tries to reduce the budget deficit, which is estimated at about 11% of gross domestic product, or about GBP155 billion for the fiscal year ending 2011. -By Kaveri Niththyananthan, Dow Jones Newswires; 4420 7842 9299; [email protected] (END) Dow Jones Newswires June 22, 2010 08:37 ET (12:37 GMT)