France Telecom declines shares
The third phase of the privatisation of TPSA did not happen yesterday when the consortium of France Telecom and Kulczyk Holding did not exercise its option to buy a further ten percent in the company. This was not really a surprise as the consortium could buy shares on the stock market almost two and a half times cheaper than what it would have had to pay the treasury.
It was reported that France Telecom had offered PLN25 per share although this was denied by treasury minister Aldona Kamela-Sowińska. She said that the treasury would now have to consider what to do next.
She will have to make her mind up fast as she has not got much longer in office. It has been suggested that the new treasury team that will enter after the elections next month may be more prepared to negotiate. The government’s piggy bank is almost empty and at least PLN1bn will be required to repair flood damage.
Analysts suggest that the best course of action could now be an issue of bonds that could be converted into shares.© ℗
Podpis: Alan Heath