PKN Orlen takeover of Grupa Lotos moves to next stage

The search for a partner to back PKN Orlen’s acquisition of Lotos Group is 70% advanced, said Vice President Janusz Szewczak.

“We want to carefully analyze all the proposals and offers. This is an extremely complicated transaction. We are constantly talking, we hope that the time will allow us to precisely approach and choose the best solution. The process is 70% advanced, ”said Szewczak during the conference call.

At the beginning of July this year, tThe European Commission extended the deadline for the implementation of remedial measures under the takeover of Grupa Lotos by PKN Orlen until November 14, 2021.

In July 2020, the European Commission issued a conditional consent to the takeover of Grupa Lotos by PKN Orlen. In response to the competition problems identified by the Commission, PKN Orlen proposed sale of a 30% stake in the Lotos refinery along with the accompanying large package of management rights, sale of nine fuel depots to an independent logistics operator, sale of 389 retail stations in Poland, representing approximately 80% of the Lotos network, and supplying these stations with motor fuels and sales of 50 % share of Lotos in a joint venture dealing in trading in jet fuel, which it owns together with BP.

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