The Czech financial group PPF, together with Slovakia's J and T and
Inway, has placed the highest bid in a tender for the state's 51% stake
in the telecommunications operator Telecom, according to an unnamed
source close to the commission assessing the bids. Under the conditions
of the tender, financial groups were not allowed to bid alone but had
to team up with telecom operators. The source said five bidders had
placed bids, some of them offering more than 69 billion crowns -around
3 billion US dollars for the majority share in Telecom. The ministerial
commission which assessed the bids on Monday has recommended that the
Cabinet should consider all five offers. The government has retained
the option of selling the shares on financial markets if no direct sale
has been agreed by the end of March.