Tepe Construction, one of the main shareholders of TAV Airports, announced that the date of the put option has already expired and Goldman Sachs has not used its option. Recall that on May 12, Goldman Sachs said that it has agreed with TAV’s main shareholders on principal to extend the put option on 45.7m TAV shares of TAV’s main shareholders from July 2009 to July 2011. Our view: We think that the news will have a neutral market impact for TAV Airports, as the transaction is between Goldman Sachs and TAV's main shareholders ( Tepe Construction, Akfen Holding and Sera Construction) and therefore can not create any overhang over the stock.