KGHM to purchase a 50% stake in Telefonia Lokalna

Copper company KGHM Polska Miedz has reached a preliminary agreement with state-owned Polish Power Grid (PSE) to acquire a 50% stake in fixed-line operator Telefonia Lokalna and become the sole owner. "After receiving all necessary permissions, the deal already approved by KGHM, PSE as PSE's subsidiary Tel Energo could be finally signed," said KGHM spokesman Jerzy Pietraszek. State-controlled KGHM, which began a process of diversifying its ventures to safeguard itself from the fluctuation of metal prices on the global market has repeatedly said it was planning to acquire a 50% stake in the operator from PSE, but up until recently no moves had been made. (Reuters) P.S.