The latest findings indicate that Orlen may have sold the Gdańsk company's assets for at least PLN 5 billion less than their value. Orlen's consultants estimated that the value of this part of Lotos' business ranges from PLN 6.6 billion to PLN 9.9 billion. Investors from Saudi Arabia, Hungary and Poland paid a total of about PLN 5 billion for it.
The audit report conducted by the Supreme Audit Office (NIK) confirmed these findings. NIK auditors found that Lotos assets, which Orlen had to sell to take over the Gdańsk company, were sold for at least PLN 5 billion less than their value.
NIK is valued at more than PLN 10 billion, while Orlin received approximately PLN 5 billion for these assets. Orlin, still under the management of Daniel Obajtek, rejected all of the auditors' findings.
A number of reservations regarding the valuation of Lotos' assets were conveyed to Orlen's representatives by EY, one of the consulting firms the company uses. These reservations relate to the estimated nature of the calculations and the subjective nature of many of the results.
Despite these reservations, the value of Lotus' assets, according to the valuations, is much higher than the amounts that were ultimately included in the contracts with the Saudis.
Orlin stresses that the lack of interest from strategic investors from the fuel industry or infrastructure funds from Europe and North America is due to the acceleration of the energy transition.
It has been repeatedly emphasized that the prices to be obtained from the sale of selected assets are only one element of the deal. A reliable assessment of the attractiveness of investor offers will only be possible when the synergies and other benefits resulting from the merger of the two companies begin to be realised.
source: Business Insider Poland
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