Telefonica has asked the European Commission (EC) for approval of the acquisition of the state’s 51% stake in Cesky Telecom for CZK 502 / share. The EC should make its decision by June 10. Given the fact that Telefonica is not active in the Czech Republic, we assume that the transaction will be approved without any difficulties. Therefore, we see a high probability that the transaction will be completed by the end of June / beginning of July. We remind that after completion, Telefonica is obliged to launch a buyout offer to minorities within 60 days.