A broker buying Ceska sporitelna’s preferred stock (which represents 7.4% of CS’s total stock) from Czech municipalities for Erste Bank (CS’s owner) has signed contracts for the purchase of 50% of this stock. The accumulating of at least 50% of preferred stock was a precondition of Erste to go ahead with the purchase, which was part of the privatization deal with the government in early 2000. Neutral for CS’s common stock.
(Jiri Soustruznik)