Polish Briefing 28 April, 2020 9:00 am   
COMMENTS: Mateusz Gibała

Polish Briefing: Orlen is finalizing the takeover of Energa

What goes on in Poland on the 28th of April.

Orlen is finalizing the takeover of Energa

At a press conference in Gdańsk, deputy Prime Minister, Minister of State Assets Jacek Sasin and President of PKN Orlen Daniel Obajtek announced that thanks to this merger, a multienergetic concern will be created in order to “fuel the energy transformation in Poland”.

Jacek Sasin said that the takeover of Energa by PKN Orlen is part of the government’s policy. – The state can be a good owner, and companies owned by the State Treasury will pursue Poland’s economic interests and support the development of our country. The second element is building strong business entities capable of competing with big players and going abroad to conquer European and global markets – he said.

– A few months ago we started work on the takeover of Lotos by PKN Orlen, this merger is currently at the stage of monopoly approvals at the European Commission. It is not all. PKN Orlen has applied for the takeover of Energa. This action implements our strategy as part of the supervision of State Treasury companies. This does not mean, however, that getting to this merger was easy. It took us several months and led us to the final. The transaction is expected to close at the end of April – said Daniel Obajtek.

Under the agreement of April 18, the share price is PLN 8.35, slightly more than Orlen offered at the beginning. – It shows that the State Treasury bargained strongly with Orlen. The price was higher than the shares listed on the stock exchange. This is a good deal for the State Treasury. The amount for the Treasury is PLN 1.871 million. This will affect the budget and reduce our public debt – he said.