Vivendi to fight for its stake in PTC

4 Feb 2005

French media and communications group Vivendi Universal is expected to appeal against a recent Warsaw court ruling that upheld the decision made by an Austrian court in November to transfer all of Elektrim Telekomunikacja’s (ET’s) shares in Poland’s wireless leader Polska Telefonia Cyfrowa (PTC) back to Elektrim. ET, a joint venture between Vivendi (51%) and Elektrim (49%), owns 51% of PTC with the remainder held by Deutsche Telekom. The German telco has been trying to gain overall control of PTC but last year it had a EUR1.3 billion bid for Elektrim’s indirect stake in PTC rejected by Elektrim shareholders. Meanwhile, Vivendi insists that it has that it has a right to acquire the remaining stake in ET from Elektrim and claims that the original Vienna court judgement is unenforceable, citing the reason that Austrian law does not have jurisdiction over Poland.