Arranging of Globtel stake sale negotiated with Credit Suisse

The Economy Ministry has launched negotiations on arranging the sale of the state's 36% stake in mobile phone network operator Globtel with Credit Suisse First Boston, which finished second in a tender after Credit Lyonnais Slovakia.

An anonymous source told the SITA news agency on June 4 that Credit Lyonnais had been unable to meet all the conditions flowing from the tender. The company had allegedly requested changes in deadlines and the amount of money to be deposited in advance. The source did not exclude the possibility that part of the Globtel shares would be offered on the capital market.

On April 20 the Economy Ministry selected Credit Lyonnais Slovakia as the arranger of the sale of a 36% stake in one of two GSM network operators in Slovakia, Globtel GSM. Credit Lyonnais was to draw up a draft sales contract, after which Globtel GSM shareholders were to join the process and sign a contract with the arranger.

The current Globtel shareholders have a pre-emptive option to buy the government's 36% Globtel stake, which is owned through several Slovak utilities. Power producer Slovenské Elektrárne (SE) has said it expects to get about 2 billion Slovak crowns for its 18.91% stake, which would mean that the complete 36% stake might be sold for around 3.6 billion crowns. However, the definitive price should be based on the estimations of at least three independent auditors.

The Economy Ministry announced it was preparing the sale of a 36% stake in Globtel GSM on April 7. The ministry asked eight investment banks and companies with representatives in Slovakia to submit tenders to arrange the sale by April 12, from which group a ministry-appointed commission was to select the arranger.

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