Dow Jones reports that Telco, a joint venture controlled by French media firm Vivendi, has received an injunction from a Polish court that essentially blocks a disputed stake in cellco Polska Telefonia Cyfrowa (PTC) from being sold to Deutsche Telekom. Telco yesterday distributed a 19 March decision by the Warsaw District Court, which bars Vivendi’s joint venture partner Elektrim from disposing of a 48% stake in PTC that had previously been held by Telco.
In June 2006 Elektrim said it had ceded control of PTC to Deutsche Telekom, which had already owned a 49% stake in the operator, following a partial ruling by the Arbitration Court in Vienna validating Deutsche Telekom’s exercise of a call option on the PTC shares.Deutsche Telekom had already started to consolidate a 97% stake in PTC in its own balance sheet from November 2006, following a down payment of EUR600 million paid to Elektrim. The Warsaw District Court’s ruling specifically forbids Elektrim from talking to Deutsche Telekom’s mobile unit T-Mobile about establishing a final sales price for PTC shares, and also orders Elektrim to take steps to restore Telco’s right to seat four members on PTC’s supervisory board and to vote in PTC shareholder meetings.
A Deutsche Telekom spokesman said that it remains to be seen whether this injunction will hold.