(Telecompaper) Telefonica has confirmed talks to sell its stake in Telefonica Czech Republic. The Spanish operator said that it's considering "strategic alternatives" for its Czech activities, including talks with Czech investment group PPF. Earlier press reports said PPF, owned by the country's richest man Petr Kellner, was a likely buyer of Telefonica's 69 percent stake in the incumbent Czech operator. The sale is part of efforts to reduce debt at Telefonica and follows other disposals such as the sale of O2 Ireland.