According to the National Property Fund, Telefonica should take over the 51.1% stake on Thursday, June 16 and pay the remaining 90% of the CZK 82.6bn acquisition price. On the same day the shares should be transferred from the NPF to Telefonica. As expected, Telefonica is taking control over CT ahead of its AGM scheduled for June 23. Among other matters, dividend payment is on the agenda, but we believe that Telefonica would not put through any dividend payment ahead the completion of the mandatory buyout offer (to be called within 60 days from the settlement). Currently the 6MWA stands at about CZK 441.