Elusive Billionaire Bets Against Europe’s Green Plans—And Mints a Fortune

The potential sale of German coal mines and power plants owned by Swedish energy giant Vattenfall AB had become a flashpoint before the negotiations even began. Many in Germany wanted to see the planet- warming facilities shut down, not passed to someone else. The would-be buyer was a small Czech company few had heard of.

At times, when the 2016 talks hit an impasse, one of the executives representing the buyer would make a phone call or send a WhatsApp message. On the other end was Daniel Kretinsky, an elusive Czech businessman who controls EPH Group. Kretinsky was always available but stayed in the background, according to a person familiar with the negotiations, who declined to be identified because the meetings in Berlin were confidential.