KGHM CEO: Three Binding Bids Made For Poland's Polkomtel
15 June 2011 - 9:42PM
Dow Jones News
Three companies have placed binding binds for Polish mobile
operator Polkomtel SA, the chief executive of Polkomtel shareholder
KGHM Polska Miedz SA (KGH.WA) is quoted as saying by state news
agency PAP Wednesday.
KGHM Chief Executive Herbert Wirth didn't say which companies
had made the bids. But people familiar with the matter Friday said
a consortium of Norway's Telenor ASA (TEL.OS) and Bain, as well as
private equity firm Apax were expected to have placed binding bids
for Polkomtel by Friday's deadline, expected at around $6.7
billion. Polish businessman Zygmunt Solorz-Zak also placed an
offer, the people added.
A spokeswoman for Swedish operator TeliaSonera AB (TLSN.SK),
which had earlier indicated its interest in Polkomtel, told Dow
Jones Newswires the company wouldn't place a binding bid for the
Polish company.
Polkomtel was put up for sale last year by its five owners.
The sale process, launched in January, has been complex because
of Polkomtel's ownership structure and the Polish government's
control over most shareholders.
Polkomtel's owners include oil refiner PKN Orlen SA (PKN.WA) and
copper miner KGHM Polska Miedz SA (KGH.WA), each with 24.39%, as
well as Poland's largest power group PGE Polska Grupa Energetyczna
SA (PGE.WA), which holds a 21.85% stake. The Polish Treasury holds
stakes in the three owners of 27.52%, 31.79% and 69.29%
respectively.
The remaining shareholders in Polkomtel are U.K.-based telecom
operator Vodafone Group PLC (VOD), which has a 24.39% stake, and
Polish coal miner Weglokoks SA, which is wholly owned by the Polish
Treasury and holds a 4.98% stake.
-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431;
marynia.kruk@dowjones.com