Court blesses Vodafone investment in Polkomtel

The court upheld an earlier decision to stop TDC, the Danish telecom group, from selling its stake in the mobile operator to a group of Polkomtel's Polish shareholders - which includes PKN Orlen, PSE, KGHM and Weglokoks - pending the outcome of an arbitration procedure before a court in Vienna. Polish shareholders had already reached an initial agreement with TDC to buy its shares in Polkomtel, but will now have to await the ruling. Vodafone's CEO, Arun Sarin, recently indicated Vodafone was interested in increasing its stake in Polkomtel. Analysts say the shareholders' row has so far had negligible effect on the company's performance, although this could change once competition in the market increases with the entry of virtual operators.Then Polkomtel may need all the shareholders' support it can get. (Puls Biznesu p.6) R.M.