Orlen launches due diligence of Lotos ahead of potential takeover

WSE-listed, state-run fuel giant PKN Orlen launched the due diligence of its peer Lotos, as part of the planned merger process, Lotos said in a market filing. “The management board of the company informs that it has taken the necessary steps to ensure the due diligence process in accordance with applicable law, obligations and respecting shareholders' interests,” Lotos said. Back in late February, PKN 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.