Telsource to sell Cesky stake by year-end

KPN, the Dutch telecoms firm, and Swisscom, the Swiss telecoms group, are to sell their jointly-held €767m ($879m) stake in Cesky Telecom, the Czech telecommunications company, as the complex system of crossholdings in the Czech telecoms market continues to unravel.

KPN and Swisscom jointly hold a 27% stake through their consortium TelSource, which will be sold via a secondary offering before the end of the year. The Czech government hopes to privatise Cesky Telecom by 2005, simplifying the ownership of telecoms companies in the Czech Republic.

WSJ Logo
Bill Ackman’s Pro-Tennis Debut Lasted 67 MinutesExternal link

Bill Ackman’s Pro-Tennis Debut Lasted 67 Minutes