PPF consortium withdraws from Telecom sale, gives no reasons

The consortium of firms PPF, J&T, InWay and Tiscali has pulled out from a tender for a state-held stake in Cesky Telecom, a PPF spokeswoman said without giving any reasons. The consortium allegedly offered the highest preliminary bid of 71.3 billion crowns. Still in play for the majority stake in Cesky Telecom are France Telecom with the consortium Blackstone/CVC/Provident and telecoms operators Swisscom, Belgacom and Telefonica.