Setback for Lotos Group-Petrobaltic merger

The merger of the Lotos Group and Petrobaltic may be delayed due to the Law on the Commercialization and Privatization of State-Owned Companies. The Treasury Ministry and Nafta Polska (NP) are doing their utmost to accelerate the process. "In line with the Act, the transfer of the shares directly by the Treasury Ministry would have to be preceded by a tender for the pr ivatization advisor as well as many financial-legal analyses required for such an operation. Under the most optimistic scenario, the shares could be transferred in the second half of next year," said a person from the oil sector who wished to remain anonymous. In this way, the creation of a rival for PKN Orlen will be delayed. Meanwhile, the Treasury is considering a different approach. The process may be accelerated by transferring Pet robaltic shares to NP first and subsequently to the Lotos Group. Currently, NP is awaiting to hear the opinion of its own legal advisors. (Puls Biznesu, p. 8) A.Z.