Poland begins work on merging fuel firms

The Minister of State Treasury announced on Monday that Poland has started analytical works on merging its fuel sector firms PKN Orlen, Lotos and PGNiG, the Polish Press Agency informed. "Analyses have begun on eventual tie-ups among PKN Orlen, Lotos and PGNiG," Jackiewicz said. "I don't wish to determine now what form or configuration this merger could take. This will be the result of further analyses," the Minister said. "For now we wish ... by end-Q1 at the latest, to preliminarily determine if such a merger would make sense," he said. "Primarily this is about securing TreasMin interest in these firms from eventual hostile takeover attempts," the official added. "We will also mull over what potential synergies can be achieved."