WOOD Flash – PKN Orlen: European Commission assents to PKN Orlen’s acquisition of Lotos, with conditions
PKN Orlen has announced that it has received conditional permission from the European Commission competition authorities for the acquisition of the Grupa Lotos shares. The deal is subject to a long list of conditions, which need to be fulfilled to ensure that the Polish market remains competitive. These include creating a separate entity for the ownership and operation of the Gdansk refinery, which will then need a new shareholder with at least 30% ownership. It involves the divestment of logistics assets related to the wholesale, retail, jet fuel and bitumen businesses, and the opening up of the remaining terminals to third-party access. Currently, Lotos has about 500 retail sites in its network, of which 390 need to be sold, including the highest volume sites. The range of remedies required will lengthen the time required to complete the transaction. The final valuation of Grupa Lotos depends on the majority shareholder, the Treasury.Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
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