ORLEN to take full control of Czech-based Unipetrol

PKN ORLEN Supervisory Board has approved the acquisition of the remaining shares in Unipetrol, representing approximately 5.97% of its share capital. PKN ORLEN intends to offer CZK 380 per share, the price offered in the tender offer announced in December 2017, which received positive responses from Unipetrol shareholders holding a total of more than 31% shares. The transaction will be finalised – among other things – upon its clearance by the Czech National Bank.

“This decision opens the way to achieving full control of Unipetrol, a material company in the ORLEN Group's portfolio. But this is just the first step before the entire process can be closed. Now, the success of the transaction depends on clearance by the Czech National Bank, to which we will submit a request concerning the buyout of the remaining shares. We expect the transaction to be finally settled in the fourth quarter of 2018,’ said Daniel Obajtek, President of the Management Board of PKN ORLEN.

At present, PKN ORLEN holds a 94.03% equity interest in Unipetrol. The buyout of shares held by other minority shareholders will be carried out with the intention of ultimately delisting Unipetrol shares from the Prague Stock Exchange.

Unipetrol a.s owns the refineries in Litvínov and Kralupy, the largest local retail chain Benzina (400 service stations), and Spolana, the sole PVC and caprolactam manufacturer on the Czech market. The company’s core asset is its Litvínov petrochemical operations – now the construction site for a polyethylene unit, the country’s largest petrochemical project to date.