Unipetrol takeover could cost PKN Orlen billions

The main part of the transaction is payment for a 62.99% stake in Unipetrol, part of its liabilities and 9% of the shares in its subsidiary, all of which amounts to zł.1.78 billion. However, according to the contract stipulations, the figure might increase by up to 15% due to Unipetrol's very good financial results in 2004. Furthermore, Orlen will have to acquire the remaining public shares of Unipetrol, whose value may equal up to zł.1 billion, and remaining stakes in subsidiaries of the oil company. Analysts also revealed that some sources claim that previously unknown Unipetrol liabilities have recently come to light. (Parkiet, p. 1) M.M.