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losses in both countries. Home Credit, now 91% owned by PPF, has already begun refocusing its strategy on Europe, and is reportedly considering partnering with other companies rather than always going it alone.
As part of this gradual shift back into Europe, PPF has recently bought
assets from major European and US companies, becoming a major presence in CEE media and telecoms through acquisitions from Telefonica and Telenor, as well as the purchase of
TV group CME in the past few years. These deals put Kellner in control of both the biggest Czech telecom and private TV companies and made him much more visible – and controversial – inside the country.
Towering presence
Until those acquisitions, Kellner had always remained more of a towering behind the scenes presence in the Czech Republic, someone who had
to be reckoned with whenever any big deal was in the offing. According to critics, his hardball tactics with minority shareholders and his use of political influence to outmanoeuvre business rivals help to explain his stunning record in M&A. Without him, inevitably more space will be opened up for the country’s other tycoons to flex their muscles.
Kellner’s flair for dealmaking in a range of sectors, as well as his genius at building financial businesses,
made him much admired in his home country, though he always kept a low profile compared to other tycoons. He continued to live in the country, often picking his four children up from their private school in person.
Kellner very rarely gave interviews or even delivered pronouncements. In my only interview with him and his top executives some 15 years ago, he was very quietly spoken and often allowed his colleagues to hold the floor.
Though he made his flying start in business under the rightwing Klaus and largely shared his political views, Kellner has never been very closely
involved with politics as such. Indeed, he managed to cultivate the populist President Milos Zeman, even lending the onetime Social Democrat his private jet to fly back from China in 2014. In return, Zeman enthusiastically pushed Home Credit’s expansion into China on his numerous visits to Beijing.
“The president held Petr Kellner in high esteem for his business success and is immensely sorry for his tragic death,” Zeman’s spokesperson said on March 29.
Kellner also maintained cordial relations with rival tycoon Prime Minister
Andrej Babis, despite predictions that
the two would come to blows after
the agrochemicals billionaire became premier. In 2018 PPF's Skytoll won
a tender to set up the country's satellite- based truck tolling system.
But Kellner’s behind-the-scenes influence, particularly on the country’s relations with China, did draw increasing criticism in recent years.
It also sparked a backlash, with the government now rowing back, refusing to let Chinese companies enter tenders for the country’s telecom infrastructure or nuclear power station plans. Without Kellner’s lobbying, the country is likely to continue to shift back to the new European mainstream on China.
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