PKN Orlen has already got the takeover of Grupa Lotos approved. The European Commission accepted the remedial conditions for the merger.
European Commission has approved the merger
The approval of the European Commission for remedial measures is one of the last elements of the process, said the President of Orlen, Daniel Obajtek, at the press conference.
Remedial measures enabling the acquisition of Grupa Lotos by PKN Orlen are to prevent the creation of a monopoly on the Polish fuel and refining markets. Orlen presented them to the Commission for approval at the beginning of this year.
Conditional consent to the concentration consisting in taking over by Orlen control over Grupa Lotos by the KE already expressed in 2020. At that time, the Commission also approved contracts concluded with buyers.
PKN Orlen plans to finalize the acquisition of Grupa Lotos at the turn of July and August 2022, Daniel Obajtek reported.
“This is one of the last elements in this process. We have six months to implement the remedial conditions, but this does not block the merger process. We plan to finalise the acquisition of Lotos at the turn of July and August. It is an ambitious plan, but it is possible to implement”, said Obajtek during a press conference.
The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and is also active in Poland and Canada. Its consolidated sales revenues amounted to PLN 131.5 billion last year.
Lotos still operating in Russia after takeover?
It will be interesting to see if Lotos still will be operating in Russia after the takeover by Orlen or not.
Source: 300gospodarka Photo: Lotos
