Orlen aims for Q3 2019 to takeover Lotos stake

WSE-listed, state-controlled fuel giant Orlen expects to takeover 66 percent stake in peer Lotos in Q3 next year, management board advisor Maciej Mataczyński said. “Our ambition is that at the end of the first quarter of 2019 we will secure the regulator's approval,” he said, adding that such decision will be followed by the transaction for the state's majority stake and the opening of a public tender for shares. Moreover, Orlen is in advanced talks regarding choosing the advisor for the transaction and hopes to launch the pre-notification process in the European Commission within “several weeks.” Poland assumes that the transaction will eventually lead to a merger of the two firms. Back in late February, Orlen signed a letter of intent with the Polish state to take over a minimum of 53 percent stake in Lotos. The rest of the shares could be acquired through a for-equity swap.