Telefonica’s buy-out for CT’s minorities at CZK 456/share ends today. Trading with CT’s shares may be volatile in the near-term, but 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. Telefonica should announce its holdings in CT post buy-out in due course, c5 working days.