The Polish Treasury will forge ahead with its 4.3bn zlotys (€1.2bn) secondary sale of shares in Telekomunikacja Polska (TPSA) despite France Télécom's refusal to exercise an option to increase its stake in Poland's incumbent telecoms operator.

The Polish Treasury is keen to sell down 30% of its stake in TPSA 20% in an equity issue through Credit Suisse First Boston (CSFB) and 10% to France Télécom. The French operator had the option to buy the shares at Z40 each, well above the market price of Z15.5, but was not prepared to pay such a high premium.