Friday, November 27, 2020
Home Oil & Gas PKN ORLEN completes ENERGA group's take over

PKN ORLEN completes ENERGA group’s take over

Major Polish oil refiner and petrol retailer PKN ORLEN completed the acquisition of ENERGA Group, after fulfilling all the necessary conditions including reaching the threshold of 66 per cent shares, whose price has been finally set at 8.35 Polish złoty (1.84 euro) per share.

According to the company, this acquisition is an important milestone in PKN ORLEN’s strategy of creating a strong, multi-energy group that will strengthen the competitive and financial position of the company itself, the country’s energy security and, above all, the Polish economy.

“PKN ORLEN considers the takeover of the ENERGA Group as a strategic and long-term investment,” said Daniel Obajtek, President of the Management Board of PKN ORLEN. “Combining the potential of the ORLEN and ENERGA, we become a group with a strong investment capacity. Our strength will strengthen the Polish economy, which in these difficult times needs to return to the state it was before the coronavirus pandemic.”

At the beginning of April, the company had received the unconditional consent of the European Commission and last week it signed an agreement with the State Treasury.

Also, the government welcomed the takeover, with State Assets Minister Jacek Sasin calling at the merging of state-run companies as the right direction for the country.

“It is necessary to create large, strong entities that will be able to implement bold and ambitious projects and compete on the European and, in the future, the global market,” said Mr Sasin. “Their strong position will also strengthen the Polish economy, which must quickly enter the growth path again. The takeover of ENERGA by PKN ORLEN is the largest energy transaction in Poland. We are catching up with a Europe in which many energy companies have already had consolidation processes behind them. They were supported by the governments of the countries in which they operate and we also support our companies.”

PKN ORLEN also plans to take over smaller rival Lotos, if it receives approval from the European Commission.

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