EU approves PPF Group’s takeover of Škoda Transportation

Photo: Škoda Transportation.
Photo: Škoda Transportation.

The European Commission has approved the takeover of Škoda Transportation and its subsidiaries, including VUKV and Bammer Trade, by Amsterdam-based investment firm PPF Group.

The proposal to acquire 100 per cent of sole shareholder CEIL’s stake was first announced in November, 2017.

In a statement, the European Commission concluded that the proposed transaction “would raise no competition concerns given the negligible overlaps between the companies’ activities in the European Economic Area.”

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VUKU develops, researches and tests rail vehicles and their parts while Bammer Trade repairs public transportation vehicles.

Petr Kellner – believed to be the richest person in the Czech Republic – is PPF Group’s co-founder and majority shareholder.

No purchase price was announced by PPF at the time of the initial announcement.

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