The European Commission has approved the agreements reached for Polish refiner PKN Orlen’s takeover of Grupa Lotos, Orlen CEO Daniel Obajtek has confirmed.
Speaking at a press conference on Monday, Obajtek said the decision had been one of the last remaining acts required to complete the acquisition. According to him, the takeover will allow Orlen to develop faster, creating synergies and generating billions of euros worth of savings over the long term.
The conclusion of the agreements and the entry into force of conditional agreements should take place within six months, the Orlen chief confirmed.
Obajtek underlined Orlen’s global ambitions, explaining that the merger would allow Orlen to have the resources, money, and partners necessary to transform its operations in other countries. He highlighted the fact that Orlen was allying itself with the world’s largest oil producer, Saudi Aramco, as part of the deal.
European Commissioner for Competition Margrethe Vestager assured consumers that the takeover of Lotos will not lead to an increase in prices, as the market remained open to competitors. The deal involves the takeover of many LOTOS gas stations by Hungary’s MOL. In return, Orlen is to gain increased access to the Hungarian market where it will acquire gas stations.