Vodafone and TDC in talks about Polkomktel stake

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Vodafone and TDC in talks about Polkomktel stake

16/08/2008 10:15

LONDON/COPENHAGEN (Reuters) - Vodafone is in talks with Danish telecoms operator TDC to buy part of TDC’s stake in Polish mobile carrier Polkomtel, Vodafone and TDC said on Friday, confirming a Financial Times report.

Vodafone, the world’s biggest mobile telecoms group by sales, already owns 19.6 percent of Polkomtel and hopes to buy another 4.8 percent from TDC as it pushes into emerging markets to offset slowing growth in more mature European economies.

The other shareholders in Polkomtel, Poland’s second-biggest mobile operator after TPSA’s Orange Polska, are Poland’s largest state-controlled companies: copper miner KGHM, refiner PKN Orlen and power group PGE.

PKN has also said it is also willing to sell its 19.6 percent stake and said in November of last year it valued its shareholding at about 1 billion euros (789 million pounds).

TDC, which is majority-owned by a private equity consortium, agreed in 2006 to sell three-quarters of its 19.6 percent stake to the three Polish shareholders and offered the remainder to Vodafone, but Vodafone obtained an injunction to stop the sale.

The Danish operator said in a statement on Friday: "Negotiations with Vodafone are ongoing regarding Vodafone’s possible purchase of their proportionate part of the Polkomtel shares offered for sale by TDC."

"TDC cannot at this point in time give further information about if and when the negotiations may be completed, and whether or not this will lead to a transaction," it added.

A Vodafone spokesman confirmed the two parties were in negotiations but also stressed no agreement could be guaranteed.

(Reporting by Georgina Prodhan in London and Kim McLaughlin in Copenhagen; Editing by Paul Bolding)

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