PKN Orlen places bid to buy shares in Industrija Nafte

Plock-based Polish oil giant PKN Orlen has placed an offer to purchase a 25% stake plus one share of Croatian fuel-gas company Industrija Nafte (INA). The list of companies which will be admitted to the due diligence process of INA will be announced at the beginning of July. Altogether 10 companies have placed their offers with INA, including Lukoil of Russia, the Hungarian MOL, OMV of Austria and Edison of Italy. INA has a network of 450 gas stations and generated euro 48 million of profit last year. The value of the company is currently placed at between euro 1.2 billion to euro 1.8 billion, while the value of the stake in question is estimated as at least euro 300 million. Although market analysts praise Orlen's decision, they emphasize the fact that it is still preliminary. "Orlen should take part in the tender. Any doubts that arise, refer to the financial aspect of the deal," Grzegorz Litynski, an analyst with BZ WBK brokerage house told Prawo i Gospodarka. Orlen representatives have often stated their willingness to sell their Polkomtel package and use the proceeds for new investments. (Prawo i Gospodarka, p. 3; Puls Biznesu, p. 6; Rzeczpospolita, p. B3) M.T.K.