According to the daily Puls Biznesu, Mr Solorz is apparently negotiating a different transaction structure with Axel Springer. The new version, as the daily quotes anonymous source, would include cross holding structure in which Mr Solorz would become a shareholder of either Axel Springer Poland or Axel Springer Germany in exchange for share of Polsat. The value of the stakes were not provided. In addition, the transaction would include also a cash element of EUR 100-150m. Mr Solorz neither confirmed nor denied the speculations. However, he stated that IPO of Polsat would be possible only in 2009.
Our view: We believe that the likelihood of the transaction structure in which Mr Solorz becomes a minority shareholder of Axel Springer is rather very low. Delay of the IPO of Polsat, which was expected as early as in 2Q08, is a new information.