Since November 25, the PPF Group controlled by Czech billionaire Petr Kellner has sold around 4.5 million shares in Italian insurance group Generali for €54.4 million (around Kc 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.

Oligarch Kellner's PPF Group bought 31.45 million shares in Generali in 2010 for €562.6 million (Kc 13.8 billion), i.e. approximately €18 per share, and according to Tyden's information, the 4.5 million shares sold over the past two weeks fetched an average of €12 a piece — meaning PPF Group has lost over Kc 680 million on the shares it sold.

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CZECH REPUBLIC: PPF Group rapidly offloading stake in Italy's Generali