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POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA

(PKN)
  Report
Delayed Warsaw Stock Exchange  -  12:05 2022-10-04 pm EDT
55.84 PLN   +5.60%
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Poland's PKN Orlen, Lotos managements approve merger plan

06/02/2022 | 12:48pm EDT
FILE PHOTO: Logo of Lotos, Poland's oil refiner, is pictured at a petrol station in Warsaw

GDANSK/WARSAW, June 2 (Reuters) - Poland's biggest oil refiner PKN Orlen and number two player Grupa Lotos said on Thursday their management boards had approved plans for a merger first announced in 2018 but delayed by antitrust issues.

Both refiners are state controlled and the merger is part of a wider plan by Poland's ruling Law and Justice (PiS) party to increase control over the economy and build big national companies to better compete with global players.

Shareholders of Lotos will get 1.075 shares of PKN for each Lotos share, the companies said.

For the merger to take effect shareholders of both groups must approve the share exchange. Shareholders owning at least 80% of Lotos shares have to back the merger terms to approve it.

Poland's State Treasury controls 53.2% of Lotos and 27.5% of Orlen. It plans to end up with a 35.7% stake after the merger, PKN said in a presentation.

General shareholders meetings are expected to be held in July, while the merger should be registered and finalised in August.

PKN Orlen had announced plans to buy Lotos in 2018, but had to meet conditions set by the European Commission. In January, PKN said it would sell some Lotos assets to companies including Saudi Aramco and Hungary's MOL to fulfill EU antitrust rulings and complete its takeover.

Critics, including Poland's several former economy ministers, said selling Lotos's assets, including a stake in the Gdansk refinery and a large chunk of its retail network to MOL, lacked transparency and could result in domination of Russian fuels on the local market.

These arguments gained traction after Russia invaded Ukraine and Hungary blocked European Union sanctions on Russian oil and refining products.

But Orlen and the government argue that the merger will improve company's market position, its bargaining power and investment capacities.

Lotos shares gained 0.7% on Thursday to trade at 70.84 zlotys, while PKN's shares lost 0.5% to 71.98 zlotys. The merger plan was announced after the market close.

($1 = 4.2598 zlotys) (Reporting by Marek Strzelecki, Anna Koper, Adrianna Ebert and Anna Banacka; Editing by Kirsten Donovan and David Holmes)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.08% 91.86 Delayed Quote.12.85%
MOL MAGYAR OLAJ- ÉS GÁZIPARI NYILVÁNOSAN MUKÖDO RÉSZVÉNYTÁRSASÁG 3.44% 2406 End-of-day quote.-4.52%
POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA 5.60% 55.84 Delayed Quote.-28.87%
S&P GSCI COPPER INDEX 2 0.74% 555.7796 Real-time Quote.-21.60%
SAUDI ARABIAN OIL COMPANY 0.70% 36 End-of-day quote.10.61%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -1.52% 58.1156 Delayed Quote.-19.64%
WTI -0.03% 86.533 Delayed Quote.10.63%
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Analyst Recommendations on POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA
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Financials
Sales 2022 200 B 41 545 M 41 545 M
Net income 2022 22 912 M 4 751 M 4 751 M
Net Debt 2022 19 487 M 4 041 M 4 041 M
P/E ratio 2022 2,41x
Yield 2022 6,72%
Capitalization 34 981 M 7 253 M 7 253 M
EV / Sales 2022 0,27x
EV / Sales 2023 0,29x
Nbr of Employees 35 424
Free-Float 64,3%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 55,84 PLN
Average target price 85,29 PLN
Spread / Average Target 52,7%
EPS Revisions
Managers and Directors
Zofia Maria Paryla Chief Executive Officer
Jan Wlodzimierz Szewczak Chief Financial Officer
Wojciech Jasinski Chairman-Supervisory Board
Józef Wegrecki Chief Operating Officer & Head-Operations
Malgorzata Erlich-Smurzynska Director-Financial Control, Risk & Compliance