Ministry agrees to takeover of power firm by fuel company

On April 1, Orlen secured an unconditional consent from the European Commission to take over Energa. Roman Jocher/PAP

The Polish Ministry of State Assets approved on Monday a takeover of energy firm Energa by Poland's biggest petroleum company PKN Orlen valued at PLN 1.78 billion (EUR 394.2 million), the ministry said on Twitter on Monday.

On April 1, Orlen secured an unconditional consent from the European Commission to take over Energa.

On April 15, Orlen raised the price per share offered in the tender offer from PLN 7 (EUR 1.55) to PLN 8.35 (EUR 1.85).

According to Orlen, finalizing the transaction will allow for a more effective use of the potential of both companies. The Energa Group has a total of over 50 assets producing energy from renewable sources, including primarily hydroelectric power plants, onshore wind farms and solar farms.