Poland aims to form global power company
On the same day as the EU accepts PKN Orlen's takeover of a rival, the utility declares its intention to carry out yet another acquisition. A big step toward consolidation, the satisfied government says.
PKN Orlen has received permission to take over another Polish power company, Lotos. This occurs after PKN, the country's largest refining operation, has just agreed to sell 30 percent of its equity in Lotos' refinery as well as purchase the company's half-stake in a jetfuel firm along with BP. Furthermore, a series of Lotos' fuel filling stations will also change hands in compliance with antitrust regulations.
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