The LOI marks another step in the process of
“We are building a company with a global reach,” the ministry added.
“[PKN Orlen] will play the leading role in the capital and organisational consolidation of the company and PGNiG,”
The first stage of the process will be negotiations with the State Treasury, which holds a 71.88% stake in PGNiG, the company also said. There were no other details regarding the planned merger, which could take around a year to complete,
The completion of the merger “will be possible, among others, after receiving appropriate corporate approvals and approvals of the competition protection authorities regarding the concentration,”
That appears likely, given the size of the two companies. PKN Orlen’s turnover came in at PLN111bn (€24.8bn) last year. PGNiG – which is also listed on the
Following the merger with Lotos and if taking over PGNiG is completed successfully, PKN Orlen’s turnover could jump to some PLN200bn, Prime Minister
Following the announcement, PKN Orlen’s stock price declined 4.69% to PLN58.5 at the close of the day’s trading on the
PGNiG is an oil and gas exploration and production company with assets both at home and abroad, such as in
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