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Polish electric energy company PGE Polska Grupa Energetyczna has decided to sell its minority stake in Polkomtel, Poland's top mobile phone operator by revenue, and will begin searching for a transaction adviser, the company said Tuesday.
"We've analyzed all possibilities and arrived at the conclusion that the sale is the best solution," the company's Chief Executive Tomasz Zadroga said. "The current market situation seems to encourage such transactions."
PGE added the decision complies with its general strategy of selling non-core assets.
PGE holds 21.85% of shares in Polkomtel. KGHM (KGH.WA), oil refiner PKN Orlen SA (PKN.WA) and Vodafone Group PLC (VOD.LN) each hold a 24.39% stake in Polkomtel.
Polish state-controlled shareholders of Polkomtel had earlier said they would sell their shares. PKN Orlen said Monday it would make its decision on the sale of its stake by the end of the year. KGHM said earlier it would sell the stake if it had other investment opportunities.
U.K.'s Vodafone Group in 2006 expressed interest in increasing its participation, and, following the decision of Denmark's TDC A/S (TDC.KO) to sell its Polkomtel stake, in late 2008 exercised its preemptive right to buy more shares.
Company Web site: http://www.pgesa.pl
-By Marcin Sobczyk, Dow Jones Newswires; +4822 447-2432; firstname.lastname@example.org