TP's French connection

Polish telecommunications  group Telekomunikacja Polska (TP) will pay France Telecom the first tranche for its 34-percent stake in mobile operator Centertel by November 16.

TP, which wants to acquire full ownership of Centertel as part of its strategy to build an integrated operator, will make an initial payment of $1.18 (zł.3.88) billion, followed by another tranche of zł.1 billion by December 14.

TP said it would pay for the stake with its own funds and a short-term loan from France Telecom.

France Telecom, which holds 47.5 percent of TP and fully consolidates its results, accepted a bid of zł.4.88 billion for its stake in the mobile operator last month. (Reuters)