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English Section

Polish oil giant Orlen to take control of utility Energa

27.04.2020 20:58
Poland’s largest oil refiner, PKN Orlen, is set to take control of state-run utility Energa.
Jacek Sasin, seen on a smartphone, during a televised press conference on Monday
Jacek Sasin, seen on a smartphone, during a televised press conference on Monday Photo: PAP/Marcin Gadomski

Orlen, which is also state-run, has shelled out close to PLN 3 billion (EUR 662 million, USD 717 million), snapping up over 80 percent of shares in Energa, public broadcaster Polish Radio’s IAR news agency reported on Monday.

The agency added that the transaction would be finalized later this week.

Deputy Prime Minister Jacek Sasin, who also serves as minister of state assets, said the takeover would lead “to the formation of a large group which will not only be the biggest in Poland, but will also be able to compete with large entities on the European market.”

PKN Orlen CEO Daniel Obajtek said: “Today we hear voices in France and Germany which want to create multi-energy concerns in order to make them resistant to crisis. Mergers of large companies are needed for the whole of our economy.”


Source: IAR