One of the biggest privatisation deals since the fall of communism has been
signed and sealed. The Spanish Telefonica now owns a 51 percent stake in
Cesky Telecom - the Czech fixed line operator which also owns the Czech
Republic's leading mobile operator Eurotel. In an open tender, where the
deciding criterion was the price, Telefonica beat Swisscom and Belgacom,
with an offer of over 3.5 billion dollars. One analyst described the deal,
at a good 25 percent higher than expected, as nothing less than a
"bomb". David Vaughan was at the signing ceremony