Generali buys out Czech group from its CEE holding
Italian insurance group Generali increased its stake in Generali PPF Holding B.V. (GPH) to 100% and will rename the holding company Generali CEE Holding B.V., which opreates in many countries in Central-Eastern Europe, including Hungary, the company announced on Friday.
Generali acquired the remaining 24% of GPH shares from minority shareholder PPF Group, a company owned by Czech businessman Petre Kellner, in line with the agreements signed in January 2013, for a final price of €1.2 bln. A decision on terminating the partnership was made in January 2013 and the buyout by Generali was completed in two steps.
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