Polish oil refiner Orlen offers to buy up shares in Czech unit
PR dla Zagranicy
Grzegorz Siwicki
13.12.2017 13:22
Polish oil refiner PKN Orlen has offered to buy up shares in its Czech unit Unipetrol that it still does not own in a bid to integrate its business.
PKN Orlen headquarters. Photo: Wikimedia Commons/Adam Kliczek, zatrzymujeczas.pl (CC-BY-SA-3.0).
Orlen said in a statement on Wednesday it was offering 380 Czech korunas per share in its Czech downstream unit, of which it now holds 62.9 percent.
The Polish company also said that it was seeking to take control of at least 90 percent of Unipetrol as part of the offer.
Orlen said it ultimately planned to buy up all the shares in Unipetrol and delist its Czech subsidiary from the Prague Stock Exchange.
Orlen said its offer was part of a strategy to integrate its “refining assets, extend the petrochemical value chain and develop the retail network.”
(gs/pk)