Solorz-Zak Said to Bid for Polkomtel as Teliasonera Drops Out
Polish billionaire Zygmunt Solorz- Zak submitted a binding bid for Polkomtel SA, the country’s largest mobile-phone company, said a person familiar with the matter.
The person declined to give a value for the offer or to be identified because the process is not public. Sweden’s biggest phone company TeliaSonera AB (TLSN) said earlier today it decided against an offer. Bids were due today.
The 2008 sale by Denmark’s TDC A/S of a 20 percent holding in Polkomtel provides a 3.7 billion-euro ($5.3 billion) minimum valuation, copper producer KGHM Polska Miedz SA (KGH), one of the owners, said in November. Polkomtel was in talks with four potential buyers, including Solorz-Zak, Apax Partners LLP, TeliaSonera and a group formed by Telenor ASA (TEL) and Bain Capital LLC, people familiar with the negotiations said last month.
A Bain spokeswoman declined to comment today. Spokesmen for Telenor and Apax couldn’t immediately be reached for comment.
The owners of Polkomtel, also including power utility PGE SA, oil refiner PKN Orlen SA and Vodafone Group Plc (VOD), plan to complete the sale by the end of June, Weglokoks SA Chief Executive Officer Jerzy Podsiadlo said on May 16. Weglokoks, a Polish coal trader, owns 5 percent of Polkomtel.
“We have done our homework thoroughly, weighed the pros and cons, and decided not to submit an offer,” Cecilia Edstroem, a spokeswoman for Stockholm-based TeliaSonera, said by telephone today. She declined to comment further on the process.
Polkomtel, which uses the Plus brand for its services, has almost 14 million basic voice and 3G customers according to its website. It competes with Polska Telefonia Cyfrowa, controlled by Deutsche Telekom AG (DTE), and Orange, controlled by Telekomunikacja Polska SA, a unit of France Telecom SA. (FTE)
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