Poland’s government at its session on Monday approved the merger of Poland’s leading oil and gas company PKN Orlen with the country’s natural gas monopoly PGNiG, the government spokesman said.
At the end of July, the two companies agreed to a merger plan under which PGNiG shareholders will receive 0.0925 new shares of Orlen for one PGNiG share.
Both companies convened their extraordinary general meetings (AGE) of shareholders to approve the merger, PKN Orlen on September 28 and PGNiG on October 10
Last July, the EGMs of Orlen and its smaller counterpart Lotos approved the takeover of Lotos by Orlen.
According to the government, whose stakes in the three companies give it decision-making rights, the mergers will make PKN Orlen a robust oil and gas group, the largest in central Europe, which could become a major player on world markets.