The item containing the Secretary of State Assets’ request for approval of PGNiG’s merger with Orlen was added to the government’s agenda today as it progresses. This is at least the result of the history of the changes contained in the BIP of the Prime Minister’s Chancellery.
The government’s approval of the merger is one of the last measures on the way to creating an energy giant. The general meetings of shareholders are still ahead: September 28 in Orlin and October 10 of PGNiG.
Capture the gas giant
At the end of July, PKN Orlen and PGNiG signed a merger plan. In exchange for one PGNiG share, its shareholders will receive 0.0925 Orlen shares. The merger will involve the transfer of PGNiG’s assets to PKN Orlen in exchange for Płock shares granted to the gas company’s shareholders.
In July 2020, PKN Orlen and the State Treasury signed a letter of intent to begin the acquisition of PGNiG. In May 2021, the Ministry of Finance signed a cooperation agreement with Orlen, Lotos and PGNiG in connection with PKN Orlen’s takeover of Grupa Lotos and PGNiG. At that time, Płock informed the head of the Office of Competition and Consumer Protection of his intention to focus, and in March UOKiK issued conditional approval for the merger of Orlen and PGNiG.
The condition of the deal is the relinquishment of PGNiG’s control of Gas Storage Poland – the operator of gas storage facilities. The decision also provides for the obligation to enter into or maintain an agreement with Gas Storage Poland that undertakes the obligations of the storage system operator after relinquishing control of this company. Orlen and PGNiG have 12 months to implement this treatment from the moment of focus.
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