Czech approves PPF's buyout offer for Czech Telefonica shares

PRAGUE Wed May 21, 2014 3:14am EDT

PRAGUE May 21 (Reuters) - The Czech central bank approved investment group PPF's mandatory buyout offer price for shares of Telefonica Czech Republic, it said in a document posted on its website.

The document laying out its decision did not include the approved price. A PPF spokesman declined to comment.

PPF acquired a 65.9 percent stake in the Czech telecoms company from Spain's Telefonica earlier this year, paying 2.467 billion euros ($3.33 billion), or 305.6 crowns per share.

(Reporting by Jason Hovet and Jan Strouhal, editing by William Hardy)