Orlen in Talks to Buy $7.5 Billion Polish State-Run Gas Company
A logo sits on an oil storage tank at the natural gas and crude oil mine operated by Polskie Gornictwo Naftowe i Gazownictwo SA, also known as PGNiG, in Grotow, Poland, on Friday, Feb. 23, 2018. Poland, which relies on Kremlin-controlled Gazprom PJSC for about two-thirds of its gas, says diversification trumps potential price cuts it could leverage from building an import link to access Norwegian fuel. Photographer: Bartek Sadowski/Bloomberg
, Bloomberg
Konrad Krasuski, Bloomberg News
(Bloomberg) -- Polish biggest oil refiner, state-run PKN Orlen SA, signed a letter of intent with the government to acquire a controlling stake in country’s biggest gas company PGNiG SA.
Orlen, which just received the European Commission’s approval for its merger with smaller peer Grupa Lotos SA, will analyze the “optimal model” for the transaction, it said in a regulatory filing.
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