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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

(BP.)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 07/09 07:47:55 am
300.225 GBX   -1.06%
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Exclusive: PKN set to win EU antitrust approval for Lotos deal - sources

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06/26/2020 | 11:42am EDT
FILE PHOTO: The logo of PKN Orlen, Poland's top oil refiner, is pictured at a petrol station in Warsaw

By Foo Yun Chee

Poland's biggest refiner PKN Orlen is set to gain EU antitrust approval for its takeover of smaller rival Lotos after sweetening concessions aimed at allaying competition concerns, people familiar with the matter said.

State-run PKN wants to buy at least 53% of Lotos, in which Poland holds a 53.19% stake. EU competition enforcers, however, are concerned that the deal may push up prices and reduce competition in Poland, the Czech Republic, Estonia, Lithuania, Latvia and Slovakia.

PKN last month offered to sell Lotos' stake in a joint venture with BP called LOTOS - Air BP Polska (LABP) and also pledged to supply jet fuel to LABP with the aim of creating a viable competitor, other sources had told Reuters.

The company subsequently made some minor changes to the package after rivals and customers provided feedback to the European Commission, one of the people said.

The EU executive, which has set a July 22 deadline for its decision, declined to comment. It is scheduled to brief national competition agencies on the deal on July 2.

"We are in the final stage of negotiations with the Commission," said a PKN spokeswoman, declining to comment further.

PKN's concessions submitted to the Commission last month included a promise to increase on a yearly basis the amount of jet fuel to be supplied to LABP, access to jet fuel storage capacity for three airports.

It also offered to build a new jet fuel import terminal at an airport. The package covers the wholesale fuels market, retail supply of fuels and supply of jet fuel, bitumen and lubricants.

(Reporting by Foo Yun Chee, additional reporting by Agnieszka Barteczko in Warsaw; editing by Marine Strauss and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.99% 300.348 Delayed Quote.-35.66%
GRUPA LOTOS S.A. -0.71% 59.02 End-of-day quote.-29.39%
POLSKI KONCERN NAFTOWY ORLEN SPÓLKA AKCYJNA -2.46% 61.76 End-of-day quote.-28.04%
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Financials (USD)
Sales 2020 179 B - -
Net income 2020 -6 789 M - -
Net Debt 2020 48 712 M - -
P/E ratio 2020 -9,18x
Yield 2020 9,60%
Capitalization 77 037 M 76 829 M -
EV / Sales 2019
EV / Sales 2020 0,70x
Nbr of Employees 67 600
Free-Float 93,1%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 4,69 $
Last Close Price 3,83 $
Spread / Highest target 75,1%
Spread / Average Target 22,5%
Spread / Lowest Target -30,2%
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Managers
NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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