TPSA shares attracting strong bids from interested parties

Treasury Minister Emil Wasacz said yesterday the latest offers by France Telecom (FT) and Kulczyk Holding (KH) for a 35% stake in Telekomunikacja Polska S.A. (TPSA) were extremely promising. They are willing to pay zl. 38 per share, which would yield $4 billion in revenue. In December 1999, FT only wanted to pay zl. 23 per share, so the tender was cancelled. The final agreement with FT and KH will be signed within the next few weeks. It is still not clear whether TPSA has been granted a license for third-generation cellular phones (UMTS). (Puls Biznesu, page 4, Gazeta Wyborcza, page 22) A.D.