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May 17, 2005
Vivendi Universal
commences proceedings against Deutsche Telekom in the Paris Commercial
Court
Vivendi Universal has commenced proceedings against
Deutsche Telekom in the Paris Commercial Court, for wrongful termination of
negotiations. In September 2004, Deutsche Telekom, without notice and
without proper cause, terminated tripartite negotiations commenced one year
earlier with Elektrim relating to the sale of 51% of PTC to Deutsche
Telekom. Vivendi Universal considers this sudden withdrawal to have been
motivated by Deutsche Telekom’s wish to appropriate the shares of PTC at the
lowest possible cost using methods which Vivendi regards as unlawful.
Vivendi Universal is claiming damages from Deutsche Telekom, currently
estimated at 2.2 billion euros, to compensate for the losses it has suffered,
and, in particular, for the loss of value in its investment in Poland caused by
the behavior of Deutsche Telekom. It will be recalled that the Group wishes
to develop its presence in Poland and reinforce its position in the Polish
telecommunications sector.
Important Disclaimer : This press
release contains "forward-looking statements" as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are not guarantees of future performance. Actual results may differ
materially from the forward-looking statements as a result of a number of risks
and uncertainties, many of which are outside our control, including but not
limited to, the risk that any outcome of the notices of grievance discussed
above may not be the result expected, in addition to the risks described in the
documents Vivendi Universal has filed with the U.S. Securities and Exchange
Commission and the French Autorité des Marchés Financiers. Investors and
security holders may obtain a free copy of documents filed by Vivendi Universal
with the U.S. Securities and Exchange Commission at or directly from Vivendi Universal. Vivendi
Universal does not undertake, nor has any obligation, to provide, update or
revise any forward-looking statements.
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