A Ministry of Finance spokesman, Libor Vacek, said yesterday that CreditAgricole has withdrawn from the KB privatization tender. This is a confirmation of unofficial information from last week. Although HypoVereinsbank reportedly offered the best strategic plan, UniCredito and Societe Generale are considered to be the favorites due to their higher bids (reportedly CZK 35 bil. to 38 bil.). Government officials have repeatedly stressed that price is the single factor upon which the tender will be decided. Since the information is basically a confirmation of recent speculation, we do not expect the stock to react.
(Jiří Soustružník)