The PX-50 index closed up 0.77%, with gainers led by Cesky Telecom, after the stock managed to break above CZK 445 when the Czech Cabinet approved the sale of Cesky Telecom to Telefonica. Though the approval was widely expected, the final “yes” brought relief to the market as no further political impact is now expected to affect the deal. The rest of the market traded on relatively low volume - it seems the rest of the market has swung into the holiday mood. We continue to be actively involved in Cesky Telecom and believe the stock is going to post gains well above CZK 450, the projected minimum buy out level.