Poland Offers Vodafone Increased Stake in Polkomtel

Polish media are reporting that Poland's government is interested in selling a further stake in mobile network operator, Polkomtel - so long as Polish shareholders retain managerial control. Citing unnamed sources, Parkiet said that the government offered Vodafone a 19.6% stake in the operator, although Gazeta Wyborcza reported that the offer was for a ten percent stake. The stake is held by the oil firm, PKN Orlen which is controlled by the Polish government.

Vodafone already owns 19.6% of the company - but is trying to block the sale of a stake held by TDC to Polish shareholders. The offer from the government is said to be conditional on Vodafone dropping its lawsuit.

The other shareholders in Polkomtel are Polish state-controlled companies KGHM (19.6%), power grid operator PSE (17.6%), Weglokoks (4%) and PKN Orlen (19.6%), which has long said it would like to sell its stake in the network. Vodafone and TDC both own 19.6%.

"No-one from the state treasury has been in touch with us. We know nothing about this new initiative," PKN spokesman Dawid Piekarz told Thomson Financial News. "We have the funds and the will to buy out (the TDC stake) but our final aim is to sell our shares in Polkomtel."

Posted to the site on 8th June 2007