Vivendi reported to be offering euro 350 million for remaining 49% of ET
French conglomerate Vivendi is offering Elektrim euro 350 million for the
remaining 49% stake in Elektrim Telekomunikacja (ET), which controls the Era
GSM mobile phone network. According to unofficial information quoted by
Parkiet, Vivendi wants to build up a 100% stake in ET, prior to selling it
to a group of financial investors, which include Citibank. They in turn are
expected to pass control of ET to Deutsche Telekom. Vivendi also plans to
sell its 10% stake in Elektrim, thus breaking all ties with the company.
Elektrim is seeking euro 400 million for the ET shares, but even this would
not be enough to pay off its euro 500 million debt. Holders of the company's
bonds will meet today to make a decision on the sale of ET. (Parkiet p. 1)
A.D.
