Vivendi building up ET stake prior to euro 1 billion sale

Vivendi of France is reported to have offered Elektrim euro 300 million for its 49% stake in Elektrim Telekomunikacja (ET). Vivendi already owns another 49% of ET, which controls 51% of Polska Telefonia Cyfrowa (PTC), Central Europe's biggest mobile phone operator. Companies linked to Societe Generale hold the remaining 2% of ET. According to an ISB agency report, talks between the Elektrim management and Vivendi representatives took place on Tuesday. After the acquisition Vivendi reportedly has plans to sell its entire stake in ET for euro 1 billion to a financial investor, possibly by the end of the week. In another development, Elektrim has brought forward a key shareholders meeting to April 10 from May 25, in a move to appease minority shareholder BRE Bank, which has sought to hold the meeting early. BRE Bank and its allies, which control 20% of Elektrim, are seeking a greater role in the company's management. (Rzeczpospolita, p. B3) M.T.