Latest round of talks on sale of PTC end in deadlock

The two parties had been in negotiations for the past few days but they were called off on Tuesday. "The offer presented to Elektrim is far from the previously planned concepts," said Elektrim supervisory board head, Zygmunt Solorz-Żak. According to information close to Vivendi the new offer was worth at least EUR 650 million, which would be paid in cash by the French company in exchange for Elektrim's total withdrawal from PTC. According to Vivendi the proposition had a chance of being implemented before the deadline set by the Vienna arbitration court. Currently Elektrim Telekomunikacja (ET) holds 51% of shares in PTC, while 49% belongs to Deutsche Telekom. However, a 51% stake in ET is still controlled by Vivendi Universal, while 49% is controlled by Elektrim. (Puls Biznesu, p. 10; Parkiet, p. 1) A.K.