Russian flag-carrier Aeroflot has indicated reluctance to bid for a shareholding in Serbia’s Jat Airways unless the bidding terms set by Serbia’s Government take full account of its financial situation and the fuel-price environment.

The country’s privatization agency has invited expressions of interest in 51% of Jat after reducing the minimum asking price to €51 million ($79 million).

Over the past year Aeroflot has declared interest in a Jat shareholding. But while final tender documents should be released by the end of August, an Aeroflot spokeswoman says: “The Government is stipulating such sale terms that we’ll hardly participate in the bidding.”

She would not elaborate but sources in the company cite Jat’s substantial financial liabilities, which the investor is expected to accept, and its relatively old fleet of <A h

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