Poland's top fuel concern finalising takeover of Ruch press distributor
Fuel and energy company PKN Orlen is finalising the purchase of Ruch, once Poland's biggest press distributing company.
In a Tuesday press release, the firm said it has completed court confirmed arrangement proceedings with Ruch's creditors. Orlen added that the takeover of the state-owned company should take place in the coming months.
"A legally binding court decision opens the way for us to close the acquisition of Ruch. We assume that it will take place by the end of this year," Daniel Obajtek, Orlen CEO, was quoted in the company's Tuesday statement as saying.
Obajtek said Orlen has a development plan for Ruch "which will strengthen the retail segment of the Orlen Group and enable the implementation of new solutions," including the opening of retail outlets and gastronomy services in locations outside petrol stations.
According to the press release, Orlen is to become the majority shareholder of Ruch with a 65-percent stake. The remaining shareholders will be PZU and PZU Zycie insurance companies and Alior Bank.
Part of the investment agreement includes a Traffic Restructuring Plan based on two assumptions: the development of the company towards modern FMCG sales, i.e. fast moving consumer products, and the development of courier services.