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Signing a letter of intent between PKN ORLEN and the State Treasury concerning taking capital control over Polskie Górnictwo Naftowe i Gazownictwo S.A. by PKN ORLEN S.A.
14-07-2020
PKN ORLEN S.A. (“PKN ORLEN”, “Company”) informs that on 14 July 2020 there has been signed a letter of intent between PKN ORLEN and the State Treasury concerning taking capital control by PKN ORLEN over Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG”) (“Transaction”).

 
By signing the letter of intent the Company and the State Treasury confirmed that the Company will play the leading role in the capital and organizational consolidation of the Company and PGNiG as the entity that will take the control over PGNiG. They also agreed to start, in a good faith, discussions with the intent to conclude the Transaction. As of the day of signing of the letter of intent the Transaction model and the schedule has not been set yet. Thus the parties of the letter of intent agreed that immediately after the signing, they will start the cooperation and form the teams the aim of which will be preparation of the Transaction model, the schedule and coordination of works connected with the Transaction conclusion.

 
Finalisation of the Transaction will be possible, among others, after receiving appropriate corporate approvals and approvals of the competition protection authorities regarding the concentration.

 
The Company indicates that the letter of intent is not a binding commitment to execution of the Transaction. 

 
The The Company will inform about next steps connected with further Transaction process in separate regulatory announcements.

 
See also: regulatory announcement no 44/2020 as of 14 July 2020.

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