Poland: Polish Government Reconsiders PKN & Lotos Merger
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Monday, 09 March 2009 |
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The Polish authorities will again review the concept of combining the
country's two main refiners, PKN Orlen and Lotos, an adviser to the
prime minister was quoted as saying.
Previous Polish governments have considered pushing for a merger between the two state-owned companies to create a national champion, but a tie-up is not currently part of the current centre-right government's official strategy for the sector.
"It absolutely cannot be said that there are plans to combine the two refineries or any other ownership changes in oil-related companies," Maciej Wozniak, an adviser on energy security to the prime minister was quoted. "These kinds of actions require some sort of an analysis, which we are currently starting," he said, and which would be complete by the end of May 2009. A merger of PKN and Lotos would create dominant downstream player in fuel distribution and petrol retailer, with a market capitalisation of some $3 billion.
PetrolWorld 090309 Source: PW + Gazeta Prawna
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