FRANKFURT -(Dow Jones)- Deutsche Telekom AG (DT) Friday announced it exercised the call option for acquiring shares owned by Elektrim in the Polish mobile provider Polska Telefonia Cyfrowa Sp.z.o.o (PTC.YY) in accordance with the Vienna arbitral award.
In its award of December of the previous year, the Arbitration Tribunal in Vienna had granted to a very large extent the motions of T-Mobile Deutschland, which has a 49% stake in PTC.
It had found that the transfer of shares from Elektrim SA to Elektrim Telekomunikacja, in which the French company Vivendi Universal (V) has a considerable shareholding, was null and void and that Elektrim SA had remained the continuous holder of shares in PTC from the outset.
Furthermore, it was decided that according to PTC's shareholder agreement, T-Mobile would have a call option to these shares against Elektrim Telekomunikacja.
The European Commission gave Deutsche Telekom clearance under competition law to acquire a majority holding in TPC.
Company Web site: http://www.deutschetelekom.com
(END) Dow Jones Newswires"
Posted to the site on 11th February 2005
Posted to: www.cellular-news.com/story/11994.php