With PKN Orlen out, PERN ups its stake in Naftoport

Oil pipeline operator Przedsiebiorstwo Eksploatacji Rurociag0w Naftowych (PERN) purchased four shares of Naftoport, the country's largest handler of oil import and export transhipments, from the Ciech chemical conglomerate. PERN paid zl.88 million for the four shares to up its share number to 14, or an 18% stake in Naftoport. The deal ended PKN Orlen's attempt to purchase the shares. Previously Ciech had promised to sell its eight shares to PKN Orlen; however, the Office for Competition and Consumer Protection (UOKiK) prohibited the sale on grounds that PKN Orlen could take control over Naftoport and set fuel prices and influence Poland's oil transit. (Gazeta Wyborcza, Aug. 25-26, p. 25) P.W.