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Friday, September 17, 2021

Orlen, PGNiG, Lotos – Jacek Sasin comments

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The acquisition of Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) by PKN Orlen is unlikely to take place this year. Deputy Prime Minister and Minister of State Assets Jacek Sasin said that the process may be completed by mid-2022. In his opinion, Orlen may merge with the Lotos Group sooner.

PKN Orlen at the beginning of May this year. submitted an application to the Office of Competition and Consumer Protection regarding the acquisition of PGNiG. It was then reported that the submitted application initiates formal proceedings on the control of concentration.

– I do not think that the acquisition of PGNiG will be possible this year. It is quite a complicated process related to, for example, PGNiG’s gas extraction concessions. We must conduct this process properly, said Deputy Prime Minister Jacek Sasin in an interview with journalists. – It is likely that this process will be completed by the middle of next year – he added.

At the end of May this year. President of the Office of Competition and Consumer Protection headed to the second stage proceedings regarding the acquisition of PGNiG by the Orlen Group.

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Lotos and Orlen – merger

Deputy Prime Minister Jacek Sasin was also asked about the date of the possible takeover of Grupa Lotos by PKN Orlen. He estimated that this could happen faster than in the case of PGNiG. – As for Lotos, I think it will be faster. We will try to close the transaction this year, although I cannot guarantee that it will succeed, said the head of MAP.

In the case of this transaction, the European Commission extended the deadline for the implementation of remedial measures under the takeover of Grupa Lotos by PKN Orlen until November 14th.

In July 2020, the European Commission agreed to the planned merger between Orlen and Lotos, but set certain conditions. One of them was the sale of 80 percent of Lotos petrol stations to an external entity operating on the Polish retail market and 30 percent to shares in the refinery for the benefit of an independent entity.

Orlen – contract with the State Treasury

In mid-May this year. an agreement was concluded with the State Treasury – the Ministry of State Assets on cooperation in the acquisition of control by PKN Orlen over Grupa Lotos and PGNiG.

The agreement concerns the recommended consolidation scenario, according to which the shareholders of Grupa Lotos and PGNiG, in exchange for the shares held in the share capital of these companies, will take up new shares in the increased share capital of PKN Orlen and will become Orlen shareholders on the day of the merger.

“Under the agreement, the State Treasury and PKN Orlen will cooperate in the preparation of analyzes aimed at final confirmation of this scenario as optimal from the point of view of the State Treasury,” the companies said in a statement.

Currently, the State Treasury has approx. 27 percent. Orlen shares.

Main photo source: Shutterstock



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