Orlen goes shopping

Image : PKN Orlen

Polish refinery giant PKN Orlen said it has lunched takeover bids for Canada’s Kicking Horse Energy for CAD 356 million (around PLN 1.02 billion) and US’ FX Energy for PLN 442 million.

Orlen is offering Kicking Horse’ shareholders CAD 4.5 per share, valuing the equity at CAD 293 million, and the whole enterprise at  CAD 356 million (including debt).

“The purchase of the company is in line with our strategy to invest in attractive oil markets in low-risk countries. The transaction expands the portfolio of the company’s exploration and production assets in Canada. (…) It will strenghten our position in this region,” a statement read.

Orlen has been present in Canada since 2013, after it took over TriOil Resources.

The refiner also announced that it has signed an agreement with US’ FX Energy to take over a 100 percent stake. The Utah-based company is listed on the NASDAQ.



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