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Elektrim expects at least €604 mln for stake in Cyfrowa

Elektrim SA, a Polish power and telecommunications group, expects to receive at least €604 million ($769 million) from Deutsche Telekom AG for a stake in Polska Telefonia Cyfrowa Sp. z o.o., a mobile phone company. An arbitration court in Vienna said Deutsche Telekom should pay the current book value of the stake, plus an additional amount to be set by the court at a later date, Elektrim said in a regulatory statement yesterday. Book value is about €604 million, Elektrim spokeswoman Ewa Bojar said by phone. She declined to comment on the possible size of the extra payment. Vivendi SA says its Polish unit Elektrim Telekomunikacja Sp. z o.o. owns the 48% stake and is pressing this claim in Polish courts. The French company and Elektrim's bondholders are battling with Elektrim and Deutsche Telekom for control of Cyfrowa, Poland's second-largest mobile phone company, in more than 50 lawsuits in five European countries. (Bloomberg)