Orlen Upstream takes over FX Energy

A special purpose vehicle (SPV) established by Orlen Upstream as part of PKN Orlen has acquired a 67.3 percent stake in US firm, 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 reached $42.5 million, which roughly translates to PLN 168.7 million. Since SPV is aiming to acquire a 100 percent stake (which is to be worth PLN 442 million) in FX Energy, it has called another tender. The transaction is to be completed later this year or by the end of the first quarter of 2016 at the latest. It has already been approved by UOKiK.