By merging Lotos and Orlen we can create a global company – Orlen CEO

According to Daniel Obajtek, recently appointed CEO of the WSE-listed, state-run fuel giant Orlen, by merging with its peer Lotos, a company with global potential could be created with some PLN 50 billion market capitalization. “The consolidation of Orlen and Lotos means that an even more effective entity will be created that will more easily meet the challenges faced by the Polish oil industry, but will also ensure stability on the international market,” he said. After the merger, Lotos should operate as a separate entity within the group. “The takeover of Lotos by Orlen will put Poland in the international trend of building a large fuel company that effectively competes with foreign competitors, but above all ensures energy security of the country,” said Obajtek. The proposed merger would see Orlen buy some 58 percent of Lotos shares currently under the Treasury control. The rest of the shares could be acquired through a for-equity swap.