The merger of PKN Orlen and Lotos Group will take place later

The merger of PKN Orlen and Lotos Group will take place later

November 14, however, will not be the final date for the merger of PKN Orlen and Lotos Group.

The European Commission gave Orlen an additional two months to complete the so-called remedial measures. It is about the conditions that Orlen must meet for the European Commission to give it the green light to take over Lotos.

PKN Orlen submitted a formal application for consent to the concentration with Lotos to the European Commission in July 2019. Already at the end of August 2019, the State Treasury, PKN Orlen and Grupa Lotos signed an agreement defining the framework structure of the acquisition of the Gdańsk-based company. Orlen received approval for the takeover on July 14, 2020, and on July 14, 2021, it was the original date for the fulfillment of the merger conditions. However, it was postponed to November 14, 2021, and now to January 14, 2022.

If Orlen meets the conditions of the European Commission and obtains a formal consent for the takeover, it will buy almost 33 percent of the Lotos shares from the state treasury in the first stage. Ultimately, it may take over 100 percent of the Lotos shares.

Source: https://businessinsider.com.pl/firmy/polaczenie-orlenu-z-lotosem-sie-opoznia-o-kolejne-dwa-miesiace/20j1q1g

 

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