The Ministry of State Assets, PKN ORLEN, PGNiG and Grupa LOTOS have confirmed the structure of the intended merger. An agreement just signed between the four parties provides for such model of the merger that would guarantee stable financial condition of the new strong entity, with due regard to the interests of shareholders of all the companies involved in the process, including minority interests. PKN ORLEN's leading role in the transaction has also been guaranteed.
PKN ORLEN has signed a memorandum of understanding with the Polish State Treasury and Grupa LOTOS concerning its acquisition of Grupa LOTOS shares and thus control of the Gdańsk-based group. It represents another stepping stone towards establishing a strong and integrated organisation capable of successfully competing on international markets and significantly strengthening Poland’s security in fuels and energy..
PKN ORLEN has received the European Commission’s conditional clearance for the acquisition of the LOTOS Group. The terms that have been negotatied guarantee that the combined company will be able to further develop its upstream, refining, logistics, retail trade and wholesale operations across Europe.
The European Commission has enabled PKN ORLEN to review the results of the analysis carried out in second stage of the proceedings of the potential acquisition of the LOTOS Group. In line with the practice for this phase of procedure, the ‘Statement of Objections’ has been applied.
PKN ORLEN has been notified by the European Commission that the 'Stop the Clock' procedure, a standard element of the second phase of negotiations, has been halted. This means that the formal negotiation procedure concerning acquisition of Grupa Lotos by PKN Orlen is resumed.
As a matter of customary practice, the Commission has issued a standard ‘stop the clock’ decision for the second phase of its evaluation, so that PKN ORLEN has more time to gather additional information requested by the Commission.
PKN ORLEN signs a Memorandum of Understanding with the Polish State Treasury and Grupa LOTOS for the acquisition of LOTOS shares.
PKN ORLEN filed a formal application for the European Commission’s consent to the proposed acquisition of Grupa LOTOS
PKN ORLEN submitted with the European Commission a draft application for consent to the concentration in connection with the planned acquisition of control over Grupa LOTOS
Minister of Energy Krzysztof Tchórzewski, representing the State Treasury, and Daniel Obajtek, CEO of PKN ORLEN S.A., signed a letter of intent to commence the process of acquisition of Grupa LOTOS by PKN ORLEN