A hurdle cleared
According to the European Commission, "[Orlen's takeover of Unipetrol] would not significantly impede effective competition in the EEA [European Economic Area] or any substantial part of it since the activities of the two companies did not overlap to a significant extent."
After it finishes the purchase of a 63 percent stake now held by the Czech government, Orlen will be required to make a buyout offer to minority shareholders. Orlen may be forced to pay more than it planned, as an earlier agreement left the door open to a 15 percent rise in the buyout price.
Last year, Unipetrol reported a jump in profits on the back of higher profit margins in both its refinery and petrochemicals businesses. It recorded a preliminary consolidated net profit of 3.55 (zł.0.49) billion Czech koruna from just 88 (zł.12.2) million in 2003. (Reuters)
Andrew Kureth
After it finishes the purchase of a 63 percent stake now held by the Czech government, Orlen will be required to make a buyout offer to minority shareholders. Orlen may be forced to pay more than it planned, as an earlier agreement left the door open to a 15 percent rise in the buyout price.
Last year, Unipetrol reported a jump in profits on the back of higher profit margins in both its refinery and petrochemicals businesses. It recorded a preliminary consolidated net profit of 3.55 (zł.0.49) billion Czech koruna from just 88 (zł.12.2) million in 2003. (Reuters)
Andrew Kureth
