Kellnerova and daughters to buy out Kellner Jr’s PPF stake

Renata Kellnerova and her daughters have agreed to acquire the one-tenth stake in financial group PPF held by Petr Kellner Jr. for about CZK 40 billion, Czech media reported. The move will further consolidate ownership of the biggest financial group of its kind in Czechia, founded by the late Petr Kellner, under Kellnerova and her three daughters, who already control nearly 80 percent through Amalar Holding. According to Hospodářské noviny daily, the deal is amicable and a second agreement covering assets outside PPF is expected to be signed soon. PPF reported record net profit of EUR 3.2 billion last year.