Elektrim to issue euro 500 million in convertible bonds

The shareholders obliged the managing board to determine the exact size and conditions of the issue. Spanish services firm Acciona and Dutch retailer Eastbridge pledged to purchase up to zl. 150 million worth of bonds each. The proceeds will finance the purchase of cable television firm Bresnan International and the increase of Elektrim's stake in mobile phone firm PTC from 35% to 50%. The firm also confirmed it is negotiating cooperation conditions with French firm Vivendi in the telecom sector. (Gazeta Wyborcza, May 29-30, page 36, Rzeczpospolita, May 29-30, page 12, Reuters)