Vivendi and Elektrim fight for stake in PTC telecom

APA - Austria Presse Agentur
opublikowano: 01-03-2005, 12:09

Warsaw (Puls Biznesu) – The clash over a 48 percent stake in Polska Telefonia Cyfrowa (PTC), the operator of Era and Heyah mobile networks, is still going on. The stake may be worth up to EUR 1.5 billion. Last week, Elektrim had the national court register KRS change the status of shareholders of PTC.

Warsaw (Puls Biznesu) – The clash over a 48 percent stake in Polska Telefonia Cyfrowa (PTC), the operator of Era and Heyah mobile networks, is still going on. The stake may be worth up to EUR 1.5 billion. Last week, Elektrim had the national court register KRS change the status of shareholders of PTC. Elektrim, which in decision of arbitrary court feels the owner of the stake in question and Deutsche Telecom chose new management. Elektrim Telekomunikacja (ET), a company bought by Vivendi, to control the stake in PTC, does not agree for the changes. Previous management occupies headquarters of PTC, bodyguards are standing in front of the doors.

‘This is the biggest theft in Europe of nearly EUR 2 billion’, Philippe Houdouin, ET CEO commented. ‘I’m mad about how ET and Vivendi question the deicision of Polish courts’, Piotr Nurowski, Elektrim CEO replied. Both say that no compromise is being considered at the moment. ‘We offered settlement. The Frenchmen first did not want to talk, and then they submitted unacceptable offers’, Zygmunt Solorz, Elektrim’s chairman and its main shareholder.

This settlement provided for paying EUR 600 m to Electrim of EUR 1.5 billion that DT wanted to pay for the stake. The rest was to be paid to Vivendi. Vivendi decided not to sell their stake, however. Elektrim proposed then to Vivendi to pay EUR 150 m and acquire its debts to bondholders of EUR 450 m. The third idea was for Vivendi to buy Elektrim for EUR 150 m. Then, Zygmunt Solorz was to buy all assets apart from telecommunication ones. ‘I would lose several dozen million euros’, Zygmunt Solorz explained. DT offers to buy the stake for EUR 300 m because it accuses Elektrim for breaking the agreement of PTC shareholders. ‘We will negotiate for a higher price’, Zygmunt Solorz promised.Poland/Enterprises/Telecommunication

 

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