The deadline for selecting a winner of the tender for Ceske radiokomunikace has been postponed by two months, from the end of January to the end of March. The decision was made by the prime minister at the request of the Finance Ministry, which quoted delays in the preparations for the due-diligence process as the reason for the delay. Investor due diligence began yesterday. There is no fixed deadline for the submission of binding bids; the National Property Fund speaks of the second half of February in this regard. The four bidders (shortlisted in December) are TeleDanmark, Vivendi, Telecom Italia and Emerging Markets Partnership. We see the delay as negative news for today’s trading, particularly given that the stock gained almost 7% yesterday. Moreover, the delay further diminishes the chances of a post-privatization buy-out, since new legislation may be passed in the meantime that restores the government’s ability to waive the mandatory buy-out.