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The Warsaw Voice » Business » April 12, 2018
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Lotos-Orlen mega-deal
April 12, 2018   
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Fuel group Lotos may take over peer PKN Orlen by issuing shares for Orlen shareholders instead of the other way around, daily Parkiet writes of information obtained from "several independent sources." Such transaction would not require announcing a tender offer as the lead shareholder's holdings in the merged company would probably shrink from 53.2%.
The entire operation would consequently be both easier and faster as an equity swap would not drain funds from the two companies, unlike a tender offer to buy shares with cash, brokerage DM mBank Kamil Kliszcz comments. The merger could however be blocked by the European Commission over potential competition concerns, brokerage DM Vestor analyst Beata Szparaga-Wasniewska remarks.
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