Vivendi says yes to DT's offer for PTC stake

French-owned Vivendi Universal announced they would support Deutsche Telekom's (DT) offer to purchase a 51% stake of Polska Telefonia Cyfrowa (PTC), Era operator, for EUR 1 billion from Elektrim Telekomunikacja (ET). ET in turn is controlled in 49% by Elektrim and 51% by Vivendi Universal. Currently, Elektrim and Vivendi are in the arbitration court trying to resolve their conflict over who ultimately controls the shares. The French company claims that they have the power to make all important decisions concerning ET without having to discuss them with Elektrim. Zygmunt Solorz, the head of the Elektrim's supervisory board, who directly owns a 19% stake in the company, recently said that he does not have any decisive power in ET, chiefly due to the fact that Vivendi successfully blocked all Elektrim representatives to the board of ET. Therefore it cannot be excluded that the sale of PTC is theoretically already concluded. (Parkiet, p. 1; Puls Biznesu, p. 9) A.K.