'This decision opens the way to achieving full control of Unipetrol, a material company in the ORLEN Group's portfolio. But this is just the first step before the entire process can be closed. Now, the success of the transaction depends on clearance by the Czech National Bank, to which we will submit a request concerning the buyout of the remaining shares. We expect the transaction to be finally settled in the fourth quarter of 2018,' said Daniel Obajtek, President of the Management Board of PKN ORLEN.
At present, PKN ORLEN holds a 94.03% equity interest in Unipetrol. The buyout of shares held by other minority shareholders will be carried out with the intention of ultimately delisting Unipetrol shares from the Prague Stock Exchange.
Unipetrol a.s owns the refineries in Litvínov and Kralupy, the largest local retail chain Benzina (400 service stations), and Spolana, the sole PVC and caprolactam manufacturer on the Czech market. The company's core asset is its Litvínov petrochemical operations - now the construction site for a polyethylene unit, the country's largest petrochemical project to date.
Attachments
- Original document
- Permalink
Disclaimer
PKN Orlen SA published this content on 23 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 May 2018 09:27:10 UTC