Orlen finalizes acquisition of Lotos and PGNiG

After Orlen acquires Lotos and PGNiG, a conglomerate will be created with revenues of more than PLN 250 billion a year. Approx. 50 percent stake will be held by the Treasury.

PKN Orlen already has all the approvals it needs to take over Lotos. Last week, 98 percent of the concern’s shareholders supported the merger with the Gdansk-based company. At the end of the week, Lotos shares will be delisted from the stock market. However, Orlen will formally merge with Lotos after court registration. The company has six months to meet the European Commission’s conditions. Under them, Saudi Armaco will buy a 30 percent stake in Lotos’ refinery, Hungary’s MOL will acquire most of the stations, and Unimot will buy the fuel bases and asphalt business. Orlen also intends to finalize a merger with gas utility PGNiG in the fourth quarter of this year.

After Orlen’s merger with Lotos, the Treasury will have a 35 percent stake in the company. On the other hand, after the merger with PGNiG, it will reach about 50 percent. Ultimately, a strong concern with revenues of more than PLN 250 billion a year is to be created.

Source: https://www.pb.pl/lotos-znika-czas-na-pgnig-1156502