PKN Orlen CEO: Lotos takeover to take place at the turn of July and August

PKN Orlen CEO Daniel Obajtek

PKN Orlen plans to take over Lotos at the turn of July and August, PKN Orlen CEO Daniel Obajtek said on Monday. The six-month deadline given by the EC for the implementation of countermeasures does not hold up the takeover itself, he added.

On Monday, the European Commission approved the takeover of Lotos by PKN Orlen, approving the agreements accompanying the countermeasures and giving six months for them to come into effect.

As CEO Obajtek stressed at the press conference, the Commission’s approval is one of the last elements of the merger, and its decision gives the company six months to implement the countermeasures, but this does not block the takeover itself.

We are planning to take over Lotos at the turn of July and August – he stated. – The merger will allow the concern to develop much faster, to achieve synergies generating billions in savings – Obajtek added.

As he said, Orlen is a global company, transformation awaits us in other countries. This requires resources, money and proper partners, such as the world’s largest oil producer Saudi Aramco – he stressed.


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