Telecom Italia asks to postpone deadline for TPSA bids

Telecom Italia (TI), one of the two bidders for a controlling stake in Telekomunikacja Polska S.A., has reportedly asked the Treasury Ministry to postpone today's deadline for placing binding offers. According to officials close to the negotiations, TI feels it had less time to prepare than France Telecom (FT). The latter company already participated in the first tender for a TPSA stake, but its offer was rejected last December as unsatisfactory. According to analysts, the two bidders are likely to offer around zl. 30 - zl. 32 per share, meaning the Treasury can expect to gain zl. 14.7 billion - zl. 15.7 billion for the 35% stake on offer. FT is said to have placed its offer in consortium with Kulczyk Holding, which would take at least 10% of TPSA if the consortium wins. FT and TI recorded very similar revenues of over euro 27 billion last year, but the French telecom has an edge in net profit, euro 2.8 billion to euro 1.7 billion. (Puls Biznesu, page 1, Reuters) T.J.