The Cabinet is to vote on this issue today,. President V. Klaus said that if the cabinet fell it would give the mandate to set up a new government to the current main coalition Social Democratic Party. Cabinet meeting starts today at 10:00a.m. CET. Press conference is scheduled for 4:00p.m. CET.
Cabinet to discuss Cesky Telecom privatization today The Cabinet should discuss the privatization of the state’s 51% stake in Cesky Telecom today. Despite the current political crisis, we expect the Cabinet to approve the sale to Telefonica, which was recommended as the tender winner by the Privatization Committee. Telefonica offered CZK 502/share or CZK 82bn for the whole 51% stake.
Separately, today’s press reports that if the Cabinet approves the sale to Telefonica about 34 managers will share up to CZK 360m in bonuses in the summer. The bonuses represent about CZK 1 per Telecom share. This information was already known.