We study possible phenomenological consequences of the recently proposed new approach to the Weinberg-Salam model. The electroweak theory is considered as a gravity and the Higgs particle is interpreted in it as a dilaton, without the usual potential of interaction in the Higgs sector. We have taken as a test the process of photons pair production, $e^+ + e^- \to Z + ��+ ��$. In the framework of new formulation this reaction is mediated in the lowest order by the dilaton. The cross section is found to be rather small.

12 pages, 1 figure