CEE M&A: Mind the valuation gap

A flurry of strategic sales by western investors and private equity firms kept corporate financiers busy last year. But these deals mask a problem: while financing is plentiful, sellers can’t bring themselves to be realistic on pricing.

Even by Petr Kellner’s own high standards, 2013 was a busy year. The acquisitive Czech billionaire – whose business empire has in the past decade grown from humble beginnings in banking to span sectors as diverse as mining, retail and biotechnology – began 2013 by raising €2.5 billion from the sale of his stake in a joint venture with Generali to the Italian insurer.

That was promptly followed in late January by the purchase of a €2.6

Access intelligence that drives action

To unlock this research, enter your email to log in or enquire about access