Credit Suisse First Boston (CSFB) is leading a sale of shares in Cesky Telecom, the Czech telecommunications company, for the second time this year as it launches a Czech koruny 21.5bn (€665m) offer with Morgan Stanley.

CSFB and Morgan Stanley are joint bookrunners of the sale of a 27% Cesky stake by Telsource, a consortium owned by KPN, the Dutch telecoms firm, and Swiss rival Swisscom. In September Telsource said it would sell its stake by the end of this year.