DT abandons PTC purchase

29 Sep 2003

Former incumbent telco Deutsche Telekom (DT) announced on Friday that it had scrapped plans for the EUR1.1 billion acquisition of a 51% stake in Polish mobile operator Polska Telefonya Cyfrowa (PTC), saying it had ended talks with the joint stakeholders Vivendi Universal, Elektrim and Ymer. The deal had been agreed in principle and was due to be finalised on Friday but was called off after it became clear that Elektrim was looking for more than the EUR400 million being offered. DT, however, remains committed to PTC via its current 49% holding and is likely to consider the purchase again in the near future.