ORLEN confirms that it is no longer pursuing the acquisition of a stake in Tupras
Following today’s announcement by the Turkish Privatisation Administration regarding its bid for a 51% stake in Tupras, a company currently owned by the Turkish State Treasury, PKN ORLEN confirms that it has ended its participation in the privatisation process.
In line with its announced strategy, PKN ORLEN participated in the privatization process of Tupras and thoroughly evaluated the investment opportunity on the basis of substantial due diligence, and conducted an operational and financial analysis of the Turkish company in terms of its future potential for value growth.
Based on PKN ORLEN’s analysis the Company valued the investment at a lower rate than that finally approved by the Turkish Privatisation Agency.
As PKN ORLEN has a strict obligation to pursue only those assignments that offer opportunities to create value for PKN ORLEN shareholders, the Company is continuing to evaluate other investment opportunities in the region, as highlighted in the strategy announced earlier this year.
