PKN and Lotos should merge as quickly as possible - PKN CEO |
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Published
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Tue, 21 Aug 2007 08:12
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WARSAW (Thomson Financial) - The merger between Poland's two oil refiners PKN Orlen and Grupa Lotos should take place quickly, as it would yield benefits and help fend off foreign competition, PKN chief executive was quoted as saying by daily Puls Biznesu.'The merger should happen as quickly as possible,' Puls Biznesu quoted PKN head Piotr Kownacki as saying. 'I'm surprised that it hasn't been done yet, as it would be beneficial both for the economy and for the shareholders.'PKN's chief continues his charm offensive to convince the government to merge the two refiners into a 28 bln zloty-worth company as part of an attempt to fend off competition from foreign oil majors.The two companies have held talks on various forms of cooperation but have said that any moves toward a merger would be up to the treasury. Last week Poland's treasury minister said he was concerned the two state-controlled oil companies were competitors.But after weeks of crisis in a fractious ruling coalition, Polish Prime Minister Jaroslaw Kaczynski has called for new elections this year, putting the EU's largest former communist state on course for polls in October or November, and thus postponing any possible merger talks.adrian.krajewski@thomson.com +48 22 447 2430ak1/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Lotos CEO says no rush to merge with PKN, tie-up possible in around three years 