IN POLAND, A FUEL GIANT IS APPEARING

In Poland, the merger of two large fuel companies – PKN Orlen and the Lotos group – will take place. It is reported by Upmp.news with reference to Polish radio.

On the Polish fuel market big changes are expected. The Polish oil concern Orlen (PKN Orlen) has signed a letter of intent to begin the acquisition of at least 53% of the shares of Lotos S.A. The letter is signed with the Ministry of Energy representing the State Treasury.

The financial transaction involves the acquisition of a Lotus shareholding by its shareholder, including the State Treasury (which owns 53.19% of the company’s shares).

It’s about creating a strong, integrated concern.

The merger will be possible, in particular, after obtaining corporate consent and approval of the relevant competition protection authorities for the concentration of capital.

President of PKN Orlen Daniel Obaitek said that the signing of the letter of intent is very important both for the concern and for the Polish state. “This is an association of the fuel market in Poland,” he added.

According to PKN Orlen, completion of this process will take place within 15-16 months.

PKN Orlen is the leader in the fuel and energy market in Central and Eastern Europe.