World Business Briefing | Europe: Legal Dispute Over Cegetel
Vivendi Universal is suing Vodafone Group in attempt to gain more time to put together counterbid for French phone company Cegetal; Vodafone offered to buy 85 percent of Cegetel it did not already own for 13.1 billion euros ($12.8 billion); offer includes stakes held by BT Group, SBC Communications and Vivendi; Vivendi has option of counterbidding and can supersede Vodafone's offer for BT or SBC stakes; Vodafone has given Vivendi deadline of Nov 10 to make counteroffer; Vivendi is arguing that deadline violates part of Cegetel shareholder agreement, which stipulates that any offer for Cegetel must be accompanied by 30-day grace period for due diligence; Vodafone says rule does not apply to existing shareholders (S)
