Europe's No.2 copper producer KGHM may raise its stake in Poland's top mobile operator Polkomtel to 25 percent, but it will not make good on plans to buy the stake in a Canadian exploration firm in 2009.
We would be willing, if any stake in Polkomtel was for sale, to buy shares in Polkomtel so that we would attain the level of negative control, meaning 25 percent, KGHM chief Herbert Wirth told Reuters on sidelines of a conference.
The state-controlled miner currently holds 24.4 percent in the operator, and the 25-percent stake would give it blocking power at shareholder meetings.
Besides KGHM, Polkomtel is now 21.85-percent owned by Polish utility PGE, 4.98 percent by Weglokoks, with British telecoms group Vodafone and Polish oil refiner PKN PKNA.WA holding 24.4 percent each.
PGE and PKN have said they planned to sell their stakes in Polkomtel, which plans to debut on the Warsaw bourse next year.
Last month, Wirth said KGHM did not plan to sell its stake, as the miner wanted to keep it for the sake of dividend and as backup for future investments.
On Wednesday, the CEO also said the company would not manage to buy a stake in a Canadian exploration firm before the end of the year. The company is said to have interests in both Americas and in September KGHM said it was eyeing a stake to diversify sources. [ID:nLH593940]
(Reporting by Wojciech Zurawski, writing by Adrian Krajewski; Editing by Hans Peters)