Elektrim puts BRE Bank/Eastbridge talks for ET on hold

Elektrim's management has not extended the exclusivity period of the consortium of BRE Bank and Eastbridge in negotiations for the purchase of a 49% stake in Elektrim Telekomunikacja (ET). "The exclusivity period has expired and we have decided not to extend it, not wanting to block other bidders or solutions. I think that three months is long enough to reach an agreement," explained Elektrim president Maciej Radziwill, adding that he is still open to proposals from the consortium. "If the BRE-Eastbridge consortium returns with a new offer, we will consider it and will also consider other offers," he said. ET's most precious asset is a 51% stake in Polska Telefonia Cyfrowa (PTC), owner of the Era GSM mobile phone network. Deutsche Telecom, which controls the remaining 49% of PTC, is in a long-running arbitration court case against Elektrim which it claims took over ET illegally before selling 51% of the holding to Vivendi Universal of France. Elektrim is looking for money to pay liabilities of euro 500 million to its bondholders. "Our most important task is to find December's payment," said Radziwill. (Puls Biznesu, p. 3; Reuters) A.Z.