EC approves Lotos Paliwa takeover by Hungary's MOL
The European Commission (EC) gave the green light on Monday for the takeover plan of Polish fuel firm Lotos Paliwa, which runs the Lotos Group's network of filling stations, by Hungary's national oil firm, MOL.
Lotos Paliwa (Lotos Fuels) runs a chain of fuel stations in Poland representing about 80 percent of the Lotos Group's retail outlets. The chain can be sold under an EC decision taken on July 14, 2020, enabling the merger of the Lotos Group with Poland's dominant oil and gas company, PKN Orlen.
MOL is an oil company operating in Central and Eastern Europe. In the EC's view, the proposed takeover does not provoke any competition concerns bearing in mind the moderate combined market position and the presence of strong competitors in Poland.
In related news, the EC also cleared on Monday the takeover by PKN Orlen of Hungarian firm Normbenz Magyarorsag and a range of MOL's assets.
Normbenz runs a network of fuel stations in Hungary. The MOL assets include fuel stations in Hungary and Slovakia.
The EC's justification for the decision was similar to that given for the MOL/Lotos Paliwa takeover.