Telecommunications
Delays may hurt Polkomtel sale price,
analysts say
Polish shareholders of Polkomtel are no longer meeting to discuss sale of the country?s third largest mobile phone company. The group, which includes KGHM mining conglomerate, PKN Orlen refinery and PSE power grid operator has a combined 66 percent of Polkomtel. KGHM?s 19.6 percent stake alone is worth an estimated 3.4 billion zloty ($870 million), says Erste Securities. Sources say special committee appointed by the group hasn?t met in weeks and the deadline to select investment bank to manage the sale has run out in early March. Possible candidates include J.P. Morgan, Rothschild, CSFB, ING/Lazard, Citigroup and ABN Amro.
At least one analyst watching the situation says Polish shareholders can?t agree on a joint sale because of their stakes in fixed-line phone companies....