NextFin News - Czech billionaire Daniel Kretinsky is signaling a potential expansion of his influence within the European energy sector, indicating that his investment vehicle may increase its stake in TotalEnergies SE. The move follows a transformative deal finalized late last year, which positioned Kretinsky as a significant shareholder in the French energy giant through an asset-for-equity swap.
Kretinsky, whose Energetický a průmyslový holding (EPH) already holds a 4.1% stake in TotalEnergies, stated in an interview on Friday that he views the current valuation of the company as an attractive entry point for further investment. The initial stake was acquired in November 2025 when TotalEnergies purchased a 50% interest in EPH’s European flexible power generation portfolio for €5.1 billion, paying entirely in new shares. That transaction made Kretinsky one of the largest individual shareholders in the company, trailing only the firm’s employees.
The billionaire’s interest comes at a time when TotalEnergies is navigating a complex transition toward renewable energy while maintaining a robust presence in the liquefied natural gas (LNG) and oil markets. Kretinsky, known for his contrarian bets on "old economy" assets like coal and gas-fired power plants, has built a reputation as a disciplined value investor. His long-term stance has historically favored assets that provide essential baseload power, often acquiring them when other European majors were divesting to meet climate targets. This strategy has made him a polarizing figure in European finance, with some analysts viewing him as a savvy opportunist and others as a risk-taker betting against the speed of the green transition.
While Kretinsky’s comments suggest a bullish outlook, they do not represent a broader market consensus. Most sell-side analysts remain cautious regarding the French major’s stock, citing volatility in global energy prices and the regulatory pressures of the European Green Deal. According to data from Bloomberg, the majority of institutional investors maintain a "hold" or "neutral" rating on TotalEnergies, reflecting uncertainty over the long-term profitability of integrated energy models during a period of structural shift. Kretinsky’s perspective is currently a minority view among large-scale institutional players, who are increasingly prioritizing ESG-compliant growth over the cash-flow-heavy, traditional energy assets that Kretinsky favors.
The potential for a stake increase remains subject to several variables, including French government scrutiny. The Élysée Palace has historically viewed TotalEnergies as a strategic national asset, and any significant increase in foreign ownership—particularly from an activist-leaning investor like Kretinsky—could trigger regulatory pushback under France’s foreign investment screening laws. Furthermore, the billionaire’s ability to fund a larger position depends on the continued performance of his sprawling empire, which includes retail, media, and logistics assets across Europe.
Market observers note that Kretinsky’s interest may also be a tactical move to secure a board seat or influence the company’s capital allocation strategy. TotalEnergies has been under pressure from some shareholders to spin off its U.S. listing or increase buybacks. By signaling a desire to buy more shares, Kretinsky may be positioning himself to support management against more aggressive activist funds, or conversely, to lead a push for higher shareholder returns himself. For now, the market is treating the billionaire’s comments as a scenario-based projection rather than a definitive commitment to immediate action.
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