Sweden's Telia takes steps to take control over Netia
Sweden's national telecom group Telia has decided to raise its stake in
private phone operator Netia Holdings to 48.7% from around 30%. Telia is
ready to spend about zl. 170 million on that transaction. At the moment
Polish regulations allow foreign investors to control not more than 49% of a
telecom companies' capital. However, it is expected the new telecom law will
lift that restriction. Telia will want to use that opportunity and buy more
of Netia's shares. Netia is planning a public offering on the Warsaw Stock
Exchange. The subscription begins May 19. Telia's objective is to gain a
controlling stake in Netia Holding. Analysts emphasize that Swedish
involvement is a good sign for Netia. Telia decided to pay $38 for each of
Netia's shares regardless of its price on stock exchanges in London and New
York which stands at about $25 at the moment. (Prawo i Gospodarka, page 12)
A.D.
