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PKN Orlen submitted to EC notification regarding taking control over Grupa Lotos

December 04/2018

MOSCOW (MRC) -- PKN Orlen S.A. ("Company") hereby informs that on 30 November 2018 it submitted to the European Commission a draft notification for concentration ("Notification"), together with the draft outline of remedies areas, regarding the planned taking capital control over Grupa Lotos S.A. headquartered in Gdansk ("Grupa Lotos") by PKN Orlen S.A. ("Transaction"), said Biznes.pap.

Notification, submitted today by the Company, initiates the process of the arrangement of its final version with the European Commission. After submitting the final notification by the Company, the European Commission will formally start the concentration investigation.

Notification includes, apart from the description of the parties and Transaction assumptions, description of parties activity on the certain markets and presents preliminary arguments on the influence of the Transaction on the competitiveness on that markets. There has been enclosed a set of internal documents of both companies, that should allow the European Commission to verify the accuracy of the attached arguments.

Orlen Ц which in September moved up to 100%-ownership in Unipetrol, giving it sole control of all Czech oil refining Ц said in late May that it was aiming to finalise the acquisition of Lotos in the third quarter of 2019.

The company said it planned to buy 33% of Lotos shares from the State Treasury and to later increase its stake in the refiner to up to 66% based on a mandatory tender offer.
Author:Anna Larionova
Tags:petroleum products, Grupa Lotos SA, PKN Orlen.
Category:General News
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