PGNiG’s merger with Orlen voted down
Almost all PGNiG shareholders have agreed to merge with PKN Orlen. This is one of the final stages of the companies’ merger.
At Tuesday’s extraordinary general meeting, as many as 99.99 percent of PGNiG shareholders voted in favor of the merger with PKN Orlen. Earlier, PKN Orlen shareholders agreed to the merger.
The plan to merge the two concerns was signed in late July. According to it, all of PGNiG’s assets will be transferred to PKN Orlen. In return, PGNiG shareholders will get Orlen shares.
The Office of Competition and Consumer Protection agreed to a merger between PKN Orlen and PGNiG in the spring. The condition is the sale of Gas Storage Poland. Meanwhile, the government gave its approval for the merger in late September.
After the merger of PKN Orlen, Lotos Group and PGNiG, the newly formed giant will have a capitalization of about PLN 80 billion. Lotos and PGNiG shareholders will become holders of new shares in the increased share capital of PKN Orlen.
