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Vodafone files to block TDC sale of Polkomtel shares

28 Feb 2006

Vodafone has filed a request with a Warsaw court to stop a transfer of shares in Poland’s wireless operator Polkomtel by Denmark’s TDC. Vodafone claims the move is aimed at protecting its shareholder rights, maintaining that TDC’s actions are damaging these. Earlier this month TDC offered to sell its 19.61% stake in Polkomtel to other shareholders and set the price at EUR214.04 a share. According to the company’s statute, if shareholders decide to sell their stake, the others have a right of first refusal. The statute also requires the price offered to be agreed by the other shareholders, otherwise a new valuation by certified auditors is required.

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