This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS WARSAW 003286 
 
SIPDIS 
 
STATE FOR EUR/NCE 
STATE PASS USTR FOR DONNELLY/ERRION 
E.O. 12958: N/A 
TAGS: ETRD EINV PL ECCP
SUBJECT: POLAND: FRENCH WANT MORE TELECOMS STOCK 
 
 
1.(U) France Telecom (FT) wants to purchase the remaining 
Polish government stake in Telekomunikacja Polska (TPSA), 
according to an article in yesterday's daily Rzeczpospolita. 
France Telecom CEO Didier Lombard said in an interview that 
he hopes to begin talks with the government after the 
elections scheduled for September 25. 
 
2.(U) Although FT already has operational control over TPSA, 
Lombard said that FT is "still interested in purchasing the 
[Treasury] stake, which would allow us to reach a majority 
stake in TPSA's capital."  Lombard added that discussions 
should take place within "several weeks" after the 
elections.  Currently, FT owns 47.50 percent of TPSA.  The 
stake held by Poland's Ministry of the Treasury amounts to 
3.87 percent. 
 
3.(U) Rzeczpospolita quotes Treasury Minister Jacek Socha as 
saying that he expects a premium over the market price for 
the stake.  Unofficially, according to the report, he 
estimates the GOP stake at over PLN 1 billion.  Socha's 
justification for the premium stems from planned changes in 
regulations that will force strategic investors to call a 
public bid after acquiring over 50 percent of a concern, 
even if this is from the State Treasury. 
Ashe