Orhan Birdal, GM of the State Airport Authority, said that the government will consider TAV's rights and will compensate TAV for any possible losses due to the diverting of air traffic in Istanbul's European side from Istanbul Ataturk to the new third airport. Birdal also informed that they deliberately do not allow the winning party any additional time to investigate external financing sources and oblige the tender winner to initiate construction with at least 20% equity financing as they want the construction of the new airport to start immediately as the first phase of the new airport is to become operational by 2017. 
Birdal's comments are broadly a re-iteration of his previous comments and also in line with Transportation Minister Binali Yildirim's previous announcements. In the absence of explicit and exact calculation methodology regarding the calculation of TAV's losses, we maintain our cautious view on the issue. We expect the comments to have a limited impact on listed aviation stocks. 
Source: bne