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President of PKN Orlen: A partner on the takeover of the Lotos Group will announce in November
Author:Mariusz Dasiewicz
PKN Orlen is doing everything to ensure that the merger process with the Lotos Group and the PGNiG can be completed at the same time, but it cannot be excluded that one of them will drag on by a few months, said President Daniel Obietek. He announced that the Lotos takeover partner would be announced in November.
"No one is able to determine exactly whether these processes will come together at one time, because it depends on many factors. The European Commission has no time to accept the Lotus partner that we will present in November. And since the EC's acceptance and the signing of the agreement with the partner, it takes about a few months to complete the process. It may be that it will extend to the beginning of 2022, but at the same time after announcing the partner, the stage of progress will be about 90% and will remain practically purely formal issues" - said Obietek in an interview with ISBnews in the Cultures of the Forum Vision of Development in Gdynia.
As he pointed out, the deadline for finalising the acquisition of PGNiG depends primarily on the Office for Competition and Consumer Protection (UOKiK), which may, for example, require the implementation of remedies.
"I’m still an optimist, and I would like to be able to put both of these together at the same time, but these terms are independent of us. We are getting close to the end of this road, and a possible extension of it by a few months will not change anything" - added Obietek.
The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and operates mining operations in Poland and Canada. Its consolidated sales revenue reached PLN 86.2 billion in 2020. The company has been listed on the WSE since 1999.
Written by Piotr Apanowicz/
