May 6, 2020 / 4:04 PM / 25 days ago

EXCLUSIVE-PKN offers to sell Polish assets to address EU concerns over Lotos deal - sources

(Adds European Commission, PKN decline comment, details)

By Foo Yun Chee

BRUSSELS, May 6 (Reuters) - Poland’s biggest refiner PKN Orlen has offered to sell assets in Poland to address EU antitrust concerns over its planned acquisition of smaller rival Lotos, people familiar with the matter said on Wednesday.

The package of concessions include quasi-structural and also so-called behavioural concessions, the people said. Structural concessions refer to asset sales while behavioural typically means offering rivals or customers access to licensing technologies or non-discriminatory supply deals.

PKN’s concessions cover the wholesale fuels market, retail supply of fuels and supply of jet fuel, bitumen and lubricants, areas singled out by the European Commission when it launched a full-scale investigation into the deal in August last year, the people said.

The Commission, which has set a June 30 deadline for its decision, declined to comment, as did PKN.

State-run PKN announced its bid for at least 53% of Lotos, in which Poland holds a 53.19% stake, in 2018. EU competition enforcers, however, said the deal may lead to higher prices and lessen competition in Poland, the Czech Republic, Estonia, Lithuania, Latvia and Slovakia. (Reporting by Foo Yun Chee, additional reporting by Agnieszka Barteczko in Warsaw; editing by Robin Emmott and Elaine Hardcastle)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below