Government greenlights oil and gas firms merger
The Polish government, at its Monday sitting, approved the merger of Poland's leading oil and gas company PKN Orlen with the country's natural gas monopolist PGNiG, the government spokesperson said.
In late July, the two companies agreed to a merger plan under which PGNiG shareholders will receive 0.0925 new shares in Orlen per one PGNiG share.
Both companies have convened their extraordinary general meetings (EGMs) of shareholders to approve the merger, PKN Orlen on September 28 and PGNiG on October 10
Last July, the EGMs of Orlen and its smaller peer Lotos approved the Lotos takeover by Orlen.
According to the government, whose stakes in the three companies ensure it decision rights, the mergers will turn PKN Orlen into a robust oil and gas group, the biggest in Central Europe, that may become a major player on global markets.