Billionaire Kretinsky Sets Sights Beyond Europe With Total Deal

Czech billionaire Daniel Kretinsky moved to diversify his exposure beyond Europe as one of the continent’s most prominent dealmakers secured a stake in global oil major TotalEnergies SE, raising questions about what he might do next.

Kretinsky agreed that his energy holding company Energeticky a Prumyslovy Holding AS, or EPH, will contribute a 50% stake in a new joint venture with Total. In exchange, EPH will get a 4.1% stake in Total, worth about €5.1 billion ($5.9 billion). The Czech holding company is also set to get dividends of more than €320 million a year, according to a Bloomberg calculation based on the latest quarterly payout.