TP assumes 100% control over PTK after deal with FT

The capital of the Orange mobile network operator (formerly known as Idea) is divided into 31,800 shares worth zł.84,600 each. According to an agreement signed on November 4, TP had to pay zł.4.88 billion for the block of shares. The ownership of the shares was officially transferred on Wednesday. The deal also states that Orange is to become the guarantor for bonds issued by TP in several tranches between 1998-2004. The value of the bonds totals $4 billion plus EUR 300 million. TP announced that in order to buy those bonds back it will have to gather EUR 1.275 billion and $800 million. The first deadline to buy part of the bonds back (for EUR 500 million) will be March 2006. The next EUR 475 million will be spent for that purpose in March 2007. (Parkiet, p. 3) D.W.