Orlen acquires Kicking Horse for PLN1 bln

The shareholders at Kicking Horse Energy has approved the acquisition of the company by Orlen Upstream Canada, a subsidiary of Polish refiner PKN Orlen. The value of the holding reached PLN CAD 293 million, whcih roughly translates to PLN 842 million. However, the deal has been enlared by the debt and operating capital amounting to CAD 356 million (some PLN 1 billion). Canadian court Queen's Bench has also given the transaction green light. The contract is to be completed still this year.