The PPF Group, founded and owned by Czech billionaire Petr Kellner, plans to sell its 49 percent stake in Generali PPF Holding, an insurance joint venture PPF established with Generali, which owns the majority stake. Kellner is also in talks to sell his stake in the Russian insurer Ingosstrakh to VTB bank for Kč 10 billion, the server regiony24.cz reported Wednesday. Generali PPF Holding is currently valued at a little over €23 billion.
Since November 25, the PPF Group has sold around 4.5 million shares in Italian insurance group Generali for €54.4 million (around Kč 1.37 billion), the weekly Tyden has reported. The shares sold to date account for 14 percent of the Netherlands-registered investment group’s stake in the Italian insurer.
Joint Czech–Italian Generali PPF Holding is reportedly in negotiations with Russian state-controlled bank VTB on establishing new insurance company. Such a deal could pave the way for Petr Kellner, the richest Czech, to settle a long-running dispute with Oleg Derepaska, the majority owner of the Ingostrakh insurance company in which Kellner’s PPFI has a minority stake.