Poland’s PGNiG, PKN Orlen agree on merger plan

Poland’s dominant gas firm and LNG importer, PGNiG, said it has agreed terms for the conversion of its shares into PKN Orlen stock as part of a takeover deal.

Under the deal, PGNiG shareholders will receive 0.0925 PKN Orlen shares for each PGNiG share they hold.

The proposed merger is subject to the resolutions of the general meetings of PKN Orlen and PGNiG and other conditions.

These meetings will take place in September/October and the two firms expect to close the deal in October or November.

This deal comes just weeks after PKN Orlen secured European Commission’s clearance of its merger with the Lotos Group.

These mergers would create an integrated and diversified Polish multi-energy corporation with a market capitalization of about 87 billion Polish zloty ($18.7 billion), according to PKN Orlen.

Also, the combined entity would have “significantly stronger position” in the European market and enhanced financial stability.

Following completion of the merger with PGNiG, the Polish government would roughly own about 52 percent of the combined entity, other PKN Orlen and Lotos shareholders 35 percent, and other PGNiG shareholders 13 percent, PKN Orlen said.

- Advertisements -

Most Popular

US to increase LNG supplies to UK under new deal

The US will boost supplies of liquefied natural gas (LNG) to UK terminals under a new deal revealed on...

Adani, TotalEnergies nearing completion of Dhamra LNG terminal in India

India's Adani and France's TotalEnergies have almost completed their Dhamra LNG import facility located in Odisha, on India’s east...

Trinidad, Shell, BP move forward with Atlantic LNG restructuring plans

Trinidad and Tobago has signed a restructuring deal with the shareholders of LNG producer Atlantic LNG, including Shell and...

More News Like This

PKN Orlen: Polish LNG terminal gets 200th cargo

Poland’s PKN Orlen said it had received the 200th cargo of liquefied natural gas (LNG) at the Swinoujscie terminal...

Poland’s PGNiG says LNG deliveries surge in January-September

Poland’s dominant gas firm PGNiG said it had taken delivery of 46 LNG cargoes or about 51.9 TWh in...

PGNiG, Latvenergo book long-term capacity at Lithuanian FSRU

Poland's PGNiG and Latvia's Latvenergo have secured regasification capacity for a period of ten years at the Klaipedos Nafta-operated...

PGNiG: Polish LNG terminal gets 36th cargo this year

Poland’s dominant gas firm and LNG importer, PGNiG, said it has received the 36th LNG cargo at the Swinoujscie...