Business daily Parkiet speculates that State Treasury would like to mediate between Vodafone and other shareholders of Polkomtel. According to the newspaper Treasury might force PKN Orlen to sell its 19.6% Polkomtel stake to Vodafone. Our view: Based on the news we see some a risk that PKN is forced to an unfair deal. From strategic point of view, however, we welcome the news since the disposal of the stake would free up some PLN 3-4bn cash for the company to finance its ambitious CAPEX plan. We value total equity of Polkomtel to PLN 17.6bn, which puts the fair value of PKN’s stake to PLN 3.6bn.