Polish PGE To Sell Polkomtel, Starts Adviser Search
September 01 2009 - 8:09AM
Dow Jones News
Polish electric energy company PGE Polska Grupa Energetyczna has
decided to sell its minority stake in Polkomtel, Poland's top
mobile phone operator by revenue, and will begin searching for a
transaction adviser, the company said Tuesday.
"We've analyzed all possibilities and arrived at the conclusion
that the sale is the best solution," the company's Chief Executive
Tomasz Zadroga said. "The current market situation seems to
encourage such transactions."
PGE added the decision complies with its general strategy of
selling non-core assets.
PGE holds 21.85% of shares in Polkomtel. KGHM (KGH.WA), oil
refiner PKN Orlen SA (PKN.WA) and Vodafone Group PLC (VOD.LN) each
hold a 24.39% stake in Polkomtel.
Polish state-controlled shareholders of Polkomtel had earlier
said they would sell their shares. PKN Orlen said Monday it would
make its decision on the sale of its stake by the end of the year.
KGHM said earlier it would sell the stake if it had other
investment opportunities.
U.K.'s Vodafone Group in 2006 expressed interest in increasing
its participation, and, following the decision of Denmark's TDC A/S
(TDC.KO) to sell its Polkomtel stake, in late 2008 exercised its
preemptive right to buy more shares.
Company Web site: http://www.pgesa.pl
-By Marcin Sobczyk, Dow Jones Newswires; +4822 447-2432;
marcin.sobczyk@dowjones.com
Pioneer Southwest Energy Partners L.P. Pioneer Southwest Energy Partners Lp (NYSE:PSE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pioneer Southwest Energy Partners L.P. Pioneer Southwest Energy Partners Lp (NYSE:PSE)
Historical Stock Chart
From Apr 2023 to Apr 2024