Treasury denies rumors of France Telecom-TPSA failure

The Treasury Ministry yesterday officially denied that negotiations with France Telecom concerning the purchase of a stake in telecom operator Telekomunikacja Polska (TPSA) have come to naught. Rumors to that effect triggered disturbance on the Warsaw Stock Exchange (WSE), with the share price of TPSA falingl by 3% to zl.19.7. "We are still negotiating with France Telecom and we are denying all rumors," the Treasury press office stated. However, neither FT nor TPSA were willing to comment. Last year FT, together with Kulczyk Holding, acquired a 35% stake in TPSA and can purchase an additional 10% by July 30 of this year. If this transaction is not finalized, however the Treasury Ministry will have to sell the stake in a public offer at a low price. (Gazeta Wyborcza, p. 24) A. Z.