TP sale postponed ‘til 09

25 Sep 2008

Reuters is reporting that Poland will not sell its remaining stake in former fixed line incumbent TP Group during the company’s current share buyback programme, preferring to wait until 2009 instead. ‘We are interested in receiving a premium and such a scheme (share buyback) prevents it,’ Treasury Minister Aleksander Grad was quoted as saying in an interview with the Puls Biznesu newspaper.

Poland said earlier it would consider selling some of its 4% stake in TP, currently valued at over PLN1 billion (USD442 million), under the PLN700 million share buyback programme launched last month. The treasury has now given itself until the end of the year to negotiate a deal with TP’s majority owner France Telecom and wants to close it next year, the minister said.