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TELEFONICA

Telefonica loosens grip on Czech holdings

Czech financial group PPF is due to take over a majority stake in Telefonica Czech Republic telecom from its indebted Spanish parent, the Czech News Agency (CTK) reported on Monday.

Published: 4 November 2013 12:38 CET
Telefonica loosens grip on Czech holdings
The iconic Telefonica building in Madrid. Photo: Javier Paredes

Citing well-informed sources, CTK said the deal should be signed on Monday or by November 11th.

The Financial Times reported on Monday that the value of the 69-percent stake was €2.5 billion ($3.4 billion).

Owned by the wealthiest Czech, Petr Kellner, PPF has led exclusive talks with Spain's Telefonica on the takeover in recent weeks, the Financial Times said.

News about Telefonica's plan to sell its Czech unit first surfaced two months ago.

Telefonica Czech Republic runs almost seven million mobile and fixed phone lines in the EU member of 10.5 million people.

It earned net profits worth €262 million ($354 million) on almost €2 billion in sales last year, its annual report said.

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CZECH REPUBLIC

Covid-19: Border between Germany and Czech Republic to remain open

Unlike during the first coronavirus lockdown in spring, leaders from both Germany and the Czech Republic are pushing for their border to remain open.

Published: 4 November 2020 16:32 CET
Covid-19: Border between Germany and Czech Republic to remain open
Cars driving from the Czech Republic into Bavaria in June. Photo: DPA

Bavarian State Premier Markus Söder, from Chancellor Angela Merkel's Bavarian sister party CSU, and Czech Prime Minister Andrej Babiš want to keep the border open even if the number of coronavirus infections in both countries continus to rise.

“Closing the borders would not be of great benefit in fighting the pandemic, but rather would carry significant negative consequences”, said Söder on Wednesday in Munich after a video conference with Babiš.

READ ALSO: Should Germany impose border controls as Covid-19 rates rise across Europe?

He said that protective measures as face masks and minimum distances now applied on both sides of the border, and that mutually sealing off access would mainly impede the flow of trade and service workers.

Medical care would also be affected, said Söder, pointing out that many Czech commuters work in the care sector in Bavaria.

In order to help Germany's neighbouring country, which is particularly hard hit by the second wave of the pandemic, Söder also offered to make 100 intensive care hospital beds available Czech coronavirus patients.

Better economic support

Söder also pushed for aid from the German government to start in November.

“Culture, gastronomy and self-employed people urgently need support. In addition, the Federal Infection Protection Act had to be extended quickly in order to create clarity and legal certainty,” he added.

Babiš also emphasised the importance of the local coronavirus aid: “If the German economy goes bust, our economy will go bust too,” he said. 

The two politicians therefore also talked about cross-border infrastructure projects such as a 5G mobile phone corridor between Prague and Munich and the expansion of railway lines.

Bavaria is currently the German state most affected by the coronavirus pandemic, having reported 2,845 cases within the last 24 hours as of Wednesday afternoon.

The Czech Republic, which borders both Bavaria and the eastern state of Saxony, is one of the hardest hit countries in Europe, having reported 12,089 coronavirus cases within the past 24 hours.

Amid the first lockdown in spring, the German-Czech border was sealed off in mid-March. However, the Czech Republic was one of the first countries in June to reopen its borders to neighbouring countries, including Austria and Hungary.

READ ALSO: Czech Republic reopens border with Germany
 

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