T-mo Poland Is Coming?

[Effendi]

Vivendi Contests Deutsche Telekom's Claim On PTC Stake

PARIS -(Dow Jones)- Vivendi, the French media-to-telecoms group, refuted claims Wednesday that its rival, Deutsche Telekom, has taken a big stake in Polish mobile-phone operator, Polska Telefonia Cyfrowa.

The statement marks the latest twist in a long-running wrangle between the two companies over the control of PTC.

In a statement, Vivendi said it "strongly challenges" suggestions that Deutsche Telekom had bought a 48% stake in PTC from Polish conglomerate Elektrim.

Vivendi said that 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 that the original agreement between the Deutsche Telekom and Elektrim had been reached "in violation of Polish court rulings". That means that the Vienna decision "can have no effect in Poland at this time," it said.

"Neither Deutsche Telekom nor Elektrim can at this time claim any ownership rights based on the arbitration award or any other decision," Vivendi's statement read.

In addition, Vivendi said it and Elektrim Telekomunikacja -Elektrim's telecommunications unit -have obtained injunctions preventing PTC stock from changing hands.

Earlier, press reports from Warsaw suggested Deutsche Telekom said it had exercised its option in PTC and taken control of the company's management board, appointing a new chief executive.

The current wrangle over PTC, Poland's biggest mobile phone operator, began two years ago after talks on the company's future broke down and a court in Vienna ruled invalid Elektrim's sale of part of its stake to Vivendi.

Deutsche Telekom has long owned 49% of PTC while most of the rest is held by Elektrim Telekommunikacja, itself owned jointly by Vivendi and Elektrim.