The move is the latest in a festering row over ownership of PTC. Ownership of a 48% stake in the company is contest between Vivendi and its one time partner, Elektrim. Basically, Elektrim has tried to sell this stake to DT, which already holds 49% of the company, without recourse to the joint-venture created with Vivendi to hold the stake.

Earlier this month, Vivendi announced that it “strongly challenges the announcements issued by Deutsche Telekom (DT) to the effect that DT has acquired a 48% stake in PTC from Elektrim after exercising a call option based on an arbitration award issued in Vienna in November 2004. These announcements reflect an agreement between DT and Elektrim that was reached in violation of Polish court rulings.”

Yet it’s hard to take statements such as “Vivendi will take any and all necessary legal action against all parties concerned in order to enforce its rights” at face value and the offer for DT’s stake should probably be viewed in the same. Vivendi is probably just trying to establish a benchmark for its eventual exit fee or compensation when the saga is eventually decided in Polish or European courts.

Keeps the lawyers happy, all this…
Jim Chalmers