Kellner’s PPF looking to ease minority shareholders in CETIN out the door, paper says

19 Jun 2015

PPF Group, the privately held international financial group controlled by Czech billionaire Petr Kellner which owns around 85% of O2 Czech Republic, is looking to squeeze out minority shareholders of its recently spun-off infrastructure division Ceska Telekomunikacni Infrastruktura (CETIN), local newspaper Hospodarske Noviny quotes PPF chief financial officer Katerina Jiraskova as saying. Earlier this month, PPF Group launched a buyout offer for all minority shares held in O2 Czech Republic and CETIN – a process that is due to run until 13 July 2015. The firm, which acquired a majority stake in O2 Czech Republic in January 2014 from Spain’s Telefonica for CZK63.6 billion (USD2.59 billion), has offered CZK78 and CZK176 per share for O2 Czech Republic and CETIN respectively.

In an interview with the newspaper, Katerina Jiraskova suggested that PPF’s strategy vis-a-vis the telco is still under discussion, but did confirm the group’s goal ‘to squeeze out minority shareholders of CETIN and integrate the firm into PPF applies’.

Czech Republic, O2 Czech Republic (incl. CETIN), PPF Group