France Telecom Ups Stake in Polish Telco

WARSAW, Poland, Sept. 6 -- France Telecom and its Polish partner are buying an additional 12.5 percent of Poland's state-controlled telephone operator for $833 million, boosting its stake to 47.5 percent. The Polish-French consortium agreed to pay $4.75 per share for the stake in former monopoly Telekomunikacja Polska SA, or TPSA, the Treasury Ministry said in a statement. The latest agreement also gives the consortium an option to buy an additional 2.5 percent plus one share of TPSA by the end of 2002, which would give it majority control.