Poland’s oil refiner and petrol retailer PKN ORLEN signed a memorandum of understanding with the Polish State Treasury and Grupa LOTOS concerning its acquisition of the company’s shares and thus control of the Gdańsk-based group. It is another stepping stone to establishing a strong and integrated organisation capable of successfully competing in international markets and significantly strengthening Poland’s security in fuels and energy.
PKN ORLEN and the State Treasury confirmed their intention to proceed with the transaction. At the same time, both parties declared further cooperation and their will to continue negotiations to agree on the final scope and structure of the transaction.
‘We are determined to acquire Grupa LOTOS,” said Daniel Obajtek, President of the PKN ORLEN Management Board. “This is our priority and the memoranda of understanding signed by all of the parties involved bring us closer to completing the transaction in a smooth manner. Establishment of a single strong group, comprising not only LOTOS but also Energa and PGNiG, is necessary considering the future of their business and shareholder value creation. The acquisition will also benefit Poland’s economy as the integrated group will have a greater capacity to grow through investment and a stronger negotiating position.”
According to him, a robust multi-utility group will strengthen energy security of Poland. In particular, the region of Pomerania and its residents will be among the key beneficiaries of the transaction.
The acquisition of Grupa LOTOS by PKN ORLEN was initiated in February 2018 by signing a Letter of Intent with the Polish State Treasury, which holds 53.19 per cent of voting rights at the General Meeting of Grupa LOTOS. Earlier in July, the European Commission conditionally cleared the acquisition of Grupa LOTOS by PKN ORLEN.