Vivendi said to be seeking buyer for Elektrim stake

French conglomerate Vivendi is planning to sell its 10% stake in Elektrim within the next few months, having succeeded in its prime objective of acquiring a controlling interest in mobile telecoms subsidiary Elektrim Telekomunikacja (ET). An anonymous insider quoted by the Parkiet daily points out that Vivendi was only interested in acquiring the Elektrim stake because the increased influence allowed it to place its supporters within the Elektrim management and supervisory board, thus ensuring that it was chosen instead of rival Deutsche Telekom to take over a 51% stake in ET. Having won control of ET, the company that manages cellular phone operator PTC, Vivendi no longer needs the shares in the parent company. The Parkiet source claims that the search for a buyer has already begun, with potential investors expected to be foreign investment funds with interests in the energy sector. Meanwhile, Elektrim may soon be facing a liquidity crisis, as in mid-December holders of its convertible bonds worth zl.1.6 billion may demand early repurchase. Given the company's current low share price, most are likely to decide to take cash rather than company stock. Elektrim is already said to be seeking support from the banks, to help it survive the difficult period. (Parkiet, p. 1) M.K.