FT looks set to buy Treasury's TPSA stake

Most probably still this year, the State Treasury will sell its 4% stake in telecoms giant Telekomunikacja Polska (TPSA). According to Treasury Minister Piotr Czyżewski, the strategic investor in the operator, France Telecom (FT), has submitted an offer to purchase the shares. Czyżewski yesterday also maintained the forecasted revenues from privatization in 2003 at zł. 4.5 billion, with a shortfall of around zł. 800 million. "The sale of our TPSA shares is possible within the next few weeks, if the French sustain their offer. If we receive a binding declaration, the transaction can be executed very quickly," said Czyżewski. However, he did not want to reveal how much is FT ready to pay. The market value of the 4% stake is around zł. 750 million. Czyżewski added that the the government is still capable of closing the privatization of combined heat and power plant EC Poznań this year, despite the lack of agreement with the trade unions. The French energy group Dalkia is ready to pay around zł. 350 million. (Parkiet, p. 1) A.K.