FT and Kulczyk drop option for control of TPSA

The decision by the France Telecom-Kulczyk Holding partnership to forgo an option to buy an additional 2.5% stake in TPSA will be the first in a series of signals by the French concern that it has relegated its focus on its largest Eastern European investment, according to telecom analysts. Under the privatisation deal, the partnership was allowed to buy 2.5% plus one share in TPSA last year at a 25% premium to the 100-day average closing price.