PGE SA, Poland’s largest utility, rose the most in almost nine months as Citigroup Inc. and Bank Zachodni WBK SA recommended buying its shares, saying investors’ concern about a possible dividend cut was overdone.
Tauron Polska Energia SA may be valued at about 12 billion zloty ($3.6 billion) as Poland plans to sell a majority stake in its second-largest power group in an initial public offering in Warsaw, Bank Zachodni WBK SA said.
Tauron Polska Energia SA, Poland’s second-largest utility, plans to cut 3,180 jobs and save 864 million zloty ($280 million) through 2015 after electricity prices slumped on the country’s economic slowdown.
Jastrzebska Spolka Weglowa SA said first-quarter profit jumped fourfold as the European Union’s largest coking coal producer benefits from rising prices before its Warsaw share sale, planned for next month.
Deutsche Telekom AG , which agreed to sell its T-Mobile USA wireless unit for $39 billion in March, may acquire fixed-line assets in European markets such as Poland to help stem customer defections in the region.