PARIS -(Dow Jones)- Vivendi has confirmed media reports it had made a EUR2.5 billion bid for Deutsche Telekom's 49% stake in Polish mobile-phone operator Polska Telefonia Cyfrowa.
"We have offered to buy out Deutsche Telekom's stake in the Polish PTC for EUR2.5 billion," a Vivendi spokesman said, declining further comment.
Deutsche Telekom and Vivendi have been wrangling for control of PTC in both Polish and Austrian courts for several years.
Vivendi says it owns 51% of PTC through holding companies including one that is jointly owned by Polish conglomerate Elektrim which itself holds 48% of PTC.
Deutsche Telekom asserts it exercised a call option to buy Elektrim's stake in June, giving it control of 98% of the company.
In September Vivendi said it "strongly challenges" suggestions Deutsche Telekom had bought the 48% stake, saying Deutsche Telekom's move to exercise a call option over Elektrim's stake in PTC was based on an arbitration ruling made by a court in Vienna nearly two years ago.
But it insisted the original agreement between Deutsche Telekom and Elektrim had been reached "in violation of Polish court rulings." That means the Vienna decision "can have no effect in Poland at this time," it said.
-By Nina Sovich, Dow Jones Newswires; + 33 1 40 17 17 55; nina.sovich@dowjones.com
(END) Dow Jones Newswires"
Posted to the site on 26th September 2006
Posted to: www.cellular-news.com/story/19539.php