Treasury confirms France Telecom to buy TPSA shares

Treasury Minister Wieslaw Kaczmarek yesterday confirmed that France Telecom is to file a purchase offer on 2.5% plus one share of the telecoms giant TPSA. This means that this summer the French consortium will hold more than 50% in the country's dominant operator. The purchase declaration was made by France Telecom president Michel Bon while Kaczmarek reiterated that this option is valid only until the end of 2002. Analysts say that the take-over of the TPSA stake by the French consortium will not significantly affect the telecom's market price. By law, exceeding the limit of 50% of votes at a shareholders meeting must be followed by the announcement of a public offer to remaining shareholders, however this requirement does not apply if the treasury is selling its shares. Kaczmarek confirmed that he does not plan to announce a public offer for the TPSA shares this year. (Gazeta Wyborcza, p. 27) A.Z.