An estimated nine bidders want the Czech government's 51% stake in Cesky Telecom where Credit Suisse First Boston and Ceska Sporitelna, a local Czech bank, have been mandated to conduct an auction.

Should The National Property Fund, the Czech privatisation agency, fail to gain the €2bn ($2.65bn) it wants from the sale, then the stake will be sold through a secondary offering on the Prague exchange or on the London stock exchange where the shares are listed as global depositary receipts.