Talks continue with France Telecom
The treasury revealed yesterday that the consortium of France Telecom and Kulczyk Holding has stated that it remains open to talks with an aim to getting a controlling stake in TPSA.
On 31 July an option to take a further 10 percent in the company was not exercised. This was because the share price given in the offer was PLN40 whilst shares can be bought on the stock market at not much more than PLN16 each. Furthermore France Telecom has overstretched itself in other markets and is considered to have a mounting debt problem.
The treasury is planning on meeting representatives of France Telecom to discuss this further in the near future. The consortium currently holds 35 percent of the company.
It would seem that a concrete offer was sent to the treasury on 1 August for a further ten percent stake at PLN25 per share. This may be PLN15 less than the now defunct option but it is some 60 percent above the share value on the open market.
The advisory board of TPSA will meet on Friday. There are rumours that there may be calls for the current MD, Paweł Rzepka, to depart. Reasons for this demand are not clear. The treasury has five representatives on the 16 person board and the government was not at all pleased about no dividend payment being made this year. Accusations have been made about lack of collaboration between the board and the treasury and threats have been made about legal action if the treasury does not withdraw some of its complaints.