Details revealed of MOL and OMV offers to purchase stake in PKN Orlen

The Rzeczpospolita daily has revealed details of the offers made by Hungarian oil conglomerate MOL and Austria-based OMV for a stake in Poland's oil giant, PKN Orlen. Under the MOL offer, it and PKN Orlen would establish an equal partnership, with two separate companies, each maintaining their national character. MOL suggests the companies would be joined by agreements on dividend sharing, common strategy and common management. PKN Orlen would be allowed to purchase an equivalent stake in MOL, with the sale of the PKN Orlen package and the purchase of MOL shares by PKN Orlen taking place at the same time. Under the OMV offer, it and PKN Orlen would move their assets into sister companies and place their shares in one company registered in an EU country. OMV representatives have given assurances that despite the change of headquarters, the shareholders would remain unaffected. PKN Orlen would be allowed to purchase a 10% stake in OMV. Both offers are not complete, and Nafta Polska, which is supervising the PKN Orlen privatization, is expecting adjustments by tomorrow. It is possible that one party will be selected for further negotiations within the next week. Treasury Minister Aldona Kamela-Sowinska would like to prepare the transaction to allow the Cabinet to approve the deal before next month's election. (Rzeczpospolita, p. B2) M.T.K.