Treasury chiefs confirm Vodafone and TDC designs on Polkomtel

"The Ministry received a declaration from foreign shareholders with regard to buying the stock held by domestic shareholders," said Michał Stępniewski, advisor to the Treasury Minister. He went on to say that the offer was directed rather at the shareholders than the Ministry, as the latter is not one of the parties in the transaction. "This was only for our information," said Stępniewski. At the moment the Polish shareholders, PKN Orlen, KGHM and the National Grid (PSE), are refusing to confirm or deny receipt of the offer. "We still intend to dispose of the shares," said Dawid Piekarz, spokesman of Orlen. According to Puls Biznesu, the offer has apparently, however, reached KGHM and PSE. "I would be surprised if the transaction was carried out before the elections," said Krzysztof Kaczmarczyk, analyst with DB Securities. (Puls Biznesu, pp. 1, 7) M.M.