Takeover of Unipetrol finalized, price still uncertain

The oil giant paid zł.1.56 billion, and is now waiting for the results of an audit of the Czech firm, after which the final price of the purchase will be known. The price may remain the same, but could range from 25% less to 15% more than the price it already paid. According to Czech analysts, the Polish firm may pay the highest price because of Unipetrol's positive financial results last year. Some analysts project, however, that Orlen might be able to avoid the price increase by pointing to the higher-than-expected costs of dealing with old environmental pollution caused by Unipetrol. The taking over of corporate supervision over the Czech company has been scheduled for the beginning of June. Orlen is also going to increase its share in the Czech retail market. Apart from buying Unipetrol the company purchased 330 gas stations, and is planning to take over 67 more Aral stations. "We want to control over 20% of the retail market in Czech Republic," said Wojciech Heydel, deputy president of the retail management board. The information about Orlen's latest transaction did not improve its standing on the Warsaw Stock Exchange yesterday. (Parkiet, p. 2) A.F.