Elektrim announces conclusion of deal with Vivendi

Conglomerate Elektrim said yesterday that it has completed a long-awaited deal to sell control of its telecoms assets to Vivendi Universal of France. However the deal, worth zl.2.2 billion, does not include Elektrim's Internet companies. "Telecommunication still remains, together with energy, a strategic group activity. Obtaining a strong partner such as Vivendi is our development guarantee," said chairman of the Elektrim supervisory board Waldemar Siwak. The agreement looks set to end a long-running dispute between the French group and Deutsche Telekom over control of mobile phone operator Polska Telefonia Cyfrowa (PTC). Vivendi has announced that it plans to launch ET on the Warsaw Stock Exchange (WSE) within 18 months. According to Dorota Ubysz, SG Securities analyst, the deal is very good news for Elektrim, since given its present situation, the terms of the agreement could not be better. (Puls Biznesu, p. 9; Reuters) P.J.