May 16, 2018 / 3:19 PM / in 5 months

Polish refiner PKN to buy small stake in BOS bank

WARSAW (Reuters) - Poland’s biggest oil refiner PKN Orlen (PKN.WA) will buy 2.5 million shares in state-run bank BOS (BOSP.WA) as part of a plan for the pair to cooperate on investment in renewable energy, PKN said on Wednesday.

FILE PHOTO: A man fixes PKN Orlen logo, Poland's top oil refiner, at their petrol station in Warsaw, Poland April 28, 2016. REUTERS/Kacper Pempel

BOS said on Tuesday that investors bought its 30 million shares for 300.7 million zlotys (61.3 million pounds) under its offer of up to 40 million new shares. BOS capital consisted of 62.84 million outstanding shares before the share issue.

PKN said that based on a letter of intent signed with BOS, the companies will conduct talks in order to develop a framework for cooperation on projects related to environment protection and green energy.

Reporting by Agnieszka Barteczko; Editing by Elaine Hardcastle

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