EC okays fuel company PKN Orlen's takeover of power firm Energa
The European Commission has unconditionally approved the takeover of energy firm Energa by Poland's biggest petroleum company PKN Orlen, the latter company said in a news release on Tuesday.
"In connection with today’s decision of the European Commission granting consent to the concentration involving the takeover of control of Energa, the legal condition, under which the Company announced a tender offer to subscribe for the sale of all shares of Energa, has been fulfilled," PKN Orlen said in the news release.
Last December, PKN Orlen launched a tender offer for a 100 percent stake in Energa at PLN 7 (EUR 1.53) per share.
PKN Orlen aims to purchase all 414 mln shares of the energy company that is based in Gdansk, north Poland. With some 2.7 mln customers, Energa holds 17 percent of the domestic power market. It operates mainly in northern and central Poland.