Cesky Telecom: EC approval expected today

Today the European Commission should announce its verdict on the sale of Cesky Telecom to Telefonica. According to earlier press reports the European Commission has approved the acquisition of CT by Telefonica. The market has already priced in a positive verdict since Telefonica has no other commercial interests in the Czech Republic. Within 10 days of the approval Telefonica has to pay the remaining 90% of the acquisition price of CZK 82.6bn. On the day of the payment the shares will be transferred from the National Property Fund to Telefonica. Within 60 days of the settlement Telefonica has to call a minority buyout. The market will be closely watching for news or rumours regarding the buyout price. The 6MWA currently stands at about CZK 440.