Treasury to announce exclusive bidder for TPSA stake

The Treasury Minister will announce April 28 the exclusive bidder for a strategic 25%-35% share in telecommunications giant Telekomunikacja Polska S.A. (TPSA). The shortlist includes Telecom Italia and France Telecom, though, according to unofficial sources, France Telecom has offered a stronger bid. Nonetheless, anonymous sources from the Ministry say no decision has been made yet. Senior Treasury officials have also denied they were considering a proposal by the supervisory board of TPSA to have the shares sold jointly to France Telecom and Telecom Italia. The board believes it was in the interest of TPSA to cooperate with two reputable giants, as their experiences would benefit Poland. On the other hand, the Treasury believes the two investors have such diametrically opposed strategies of how to develop TPSA that a joint bid is impossible. (Rzeczpospolita, April 22-24, page B2) S.M.