Orlen faces massive surcharge over Unipetrol deal

The extra charge is the result of an audit that was conducted in the Czech company by KPMG. So far, the Płock based oil concern has paid CZK 13.05 billion for the transaction, including CZK 11.3 billion for Unipetrol's shares (the rest of the sum is payment for Spolana's shares). Igor Chałupiec, PKN Orlen's president, expected that the extra cost would be at the maximum possible level, amounting to 15% of the original price. The company's management board, together with the Czech National Wealth Fund, has till October 11 to accept or reject the new price. In case of possible doubts, the two parties will have until October 25 to come to an agreement. When the eventual price is finally set, Orlen will be given 20 days to pay the amount due. Dawid Piekarz, PKN Orlen's spokesman, assured that the company is financially prepared to do so. (Parkiet, p. 3) A.F.