Vivendi seeks $3 billion PTC damages from Poland
PARIS (Reuters) - French telecoms and media group Vivendi (VIV.PA) is seeking around 1.9 billion euros ($3 billion) in damages from Poland as part of its long-running dispute over ownership of mobile phone operator PTC.
The legal claim was detailed in Vivendi's 2007 annual report, published after the company's annual results last week. The company's 2006 annual report mentioned the damages claim but did not detail any amounts.
"Vivendi accuses the republic of Poland of having violated its commitments on the protection and equal treatment of foreign investors," the 2007 report says.
Vivendi is locked in a long-running legal battle with Deutsche Telekom AG (DTEGn.DE) over control of PTC. Each company has sued the other for billions of euros in courts in Europe and the United States.
Vivendi owns 51 percent of Elektrim Telekomunikacja and Carcom Warszawa, which directly and indirectly owned 51 percent of Polska Telefonia Cyfrowa (PTC).
Deutsche Telekom owns 49 percent of PTC and is trying to exercise a call option on a further 48 percent it says is owned by Polish conglomerate Elektrim ELEW.WA. It consolidates PTC's results fully in its accounts.
Vivendi says Elektrim cannot sell the stake, arguing that the stake actually belongs not to Elektrim but to Telco, a holding company in which Elektrim and Vivendi both have a stake.
(Reporting by Nick Antonovics; Editing by David Holmes)
