France Telecom & Kulczyk acquire lucrative TPSA shares

France Telecom and Kulczyk Holding are to sign a deal today with the Treasury Ministry for 35% of shares in state-owned Telekomunikacja Polska S.A. (TPSA). The deal is rumored to be worth about zl. 4 billion. The buyer of the strategic TPSA shares would also be entitled to purchase a further 16% stake. The currency markets are waiting anxiously for the deal to be signed. According to Citibank economist Katarzyna Zajdel, "The zloty is likely to appreciate slightly upon the official announcement of the transaction." The zloty could remain strong until after the government decides what to do with the revenue from the sale: either to put it into its hard-currency account at the National Bank of Poland (NBP) or to use it to pay off external debt. (Parkiet, page 1, Prawo i Gospodarka, page 14).S.M.