Orlen aims abroad
The move to seek investments further afield has drawn cautious praise from analysts.
Earlier this month PKN bought up 63 percent of the Czech Republic's Unipetrol after earlier saying its five-year strategy would focus on developing the assets it already had and setting strict financial targets for any new buys.
But now the company appears to be refocusing its expansion aims. "As the opportunities in Central Europe are almost gone, we're thinking about other directions, such as Southern and Eastern Europe - there are possibilities to buy in the Baltics and the Balkans," deputy chief executive Cezary Smorszczewski said.
"The company has already said it wants to expand through acquisitions, but there's definitely no reason to expect any transactions in the next 12 months - Orlen has to deal with digesting Unipetrol," CA IB strategist Tomasz Bardziłowski said.
At the beginning of last week shares in PKN were near all-time highs, gaining 0.8 percent to zł.49.6. Analysts said, however, the gains were the result of high oil prices and fat refining margins, and not a reaction to acquisition plans.
Smorszczewski repeated earlier guidance that the company has about EUR 1.7 (zł.6.9) billion to spend on acquisitions. He added that stakes in refineries might also come up for sale in Germany, where PKN owns a struggling retail business. Sales are also expected in countries including Slovenia, Serbia & Montenegro and Lithuania. (Reuters)
Earlier this month PKN bought up 63 percent of the Czech Republic's Unipetrol after earlier saying its five-year strategy would focus on developing the assets it already had and setting strict financial targets for any new buys.
But now the company appears to be refocusing its expansion aims. "As the opportunities in Central Europe are almost gone, we're thinking about other directions, such as Southern and Eastern Europe - there are possibilities to buy in the Baltics and the Balkans," deputy chief executive Cezary Smorszczewski said.
"The company has already said it wants to expand through acquisitions, but there's definitely no reason to expect any transactions in the next 12 months - Orlen has to deal with digesting Unipetrol," CA IB strategist Tomasz Bardziłowski said.
At the beginning of last week shares in PKN were near all-time highs, gaining 0.8 percent to zł.49.6. Analysts said, however, the gains were the result of high oil prices and fat refining margins, and not a reaction to acquisition plans.
Smorszczewski repeated earlier guidance that the company has about EUR 1.7 (zł.6.9) billion to spend on acquisitions. He added that stakes in refineries might also come up for sale in Germany, where PKN owns a struggling retail business. Sales are also expected in countries including Slovenia, Serbia & Montenegro and Lithuania. (Reuters)
