Orlen Upsteram takes over FX Energy

Special purpose vehicle (SPV) established by Orlen Upstream included in PKN Orlen has acquired a 67.3 percent stake in US' FX Energy through a tender offer for shares, a press release read. Orlen Upstream spent $1.15 a share, thus the total value of the holding reched $42.5 million, which roughly translates to PLN 168.7 million. Since SPV is aiming to acquire a 100% stake (which is to be worth PLN 442 million) in FX Energy, it called another tender. The transaction is to be completed still this year or by the end of first quarter of 2016 the latest. UOKiK has already approved it.