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Cesky Telecom: The privatization bids did not reportedly significantly exceed CZK 50 bil.

2.4.2002 10:13
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The Czech daily HN reports that, “according to sources”, bids submitted on March 28 for Cesky Telecom did not significantly exceed CZK 50 bil., suggesting they are well below the CZK 80 bil. level the government seeks (CZK 50 bil. for a 51% CT stake amounts to 305 per share, CZK 80 bil. amounts to CZK 485 per share). Also, Czech Transport Minister J. Schling said on Friday that he does not expect the Cabinet to find the bids satisfactory. He expects further negotiations to follow. He also reiterated that the government would not to sell its stake if the bid prices prove unsatisfactory. The Cabinet should discuss the tender bidding on April 10.

The Czech MFDnes newspaper reports today that TDC was among those who submitted a bid for Cesky Telecom, in consortium with Deutsche Bank. The other strategic bidders are reportedly Swisscom and OTE (though some reports say that OTE did not submit a bid), who also bid in consortia with financial bidders.

Orange did not bid but declared its readiness to talk to the tender winner about acquiring Eurotel, 51% owned by Cesky Telecom.

Overall, a picture is emerging that the chances of a Cesky Telecom sale before the Czech general election in June are getting slim. This is to a large extent priced in the current CT share price, but the stock may show some negative response to such news flow.

Also, Cesky Telecom said it would reduce the price of fixed-to-mobile calls for the end customer by 3–7% (depending on the package) in May. Neutral.

(Ondrej Datka)

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