Orlen tenders 31% stake in Unipetrol

WSE-listed, state-owned oil giant PKN Orlen tendered 31.05 percent shares in its Czech subsidiary Unipetrol, increasing its stake to nearly 94 percent. Orlen offered CZK 380 per share and plans to delist the company from the Prague bourse. The company hopes that the takeover will increase the synergies by optimization of production planning, supply chain management, simplifying organizational structure and segmental management enforcement. The transaction should be finalized by February 23.