Telefonica’s (TEF) buy-out for CT’s minorities at CZK 456/share expired yesterday. Trading with CT’s shares may be volatile in the near-term. Also, TEF’s holdings in CT post-buyout will also be important for the market. We expect TEF to have 60-65% stake post-buyout. The market will watch closely TEF’s shareholding announcement, which should be made in the next few days. Nevertheless, CT’s sound free cash flow generation ability and the scope for balance restructuring suggests attractive dividends going forward, i.e. around CZK 40/share in 2006.