July 14, 2020 / 9:47 AM / a month ago

PKN Orlen wins conditional EU antitrust approval for Lotos takeover

BRUSSELS (Reuters) - Poland’s biggest refiner PKN Orlen (PKN.WA) on Tuesday gained EU antitrust approval for its takeover of smaller rival Lotos (LTSP.WA) after agreeing to sell assets to address competition concerns.

PKN will sell a 30% stake in Lotos’ refinery, nine fuel storage depots, 389 retail stations in Poland, Lotos’ 50% stake in its jet fuel marketing joint venture with BP, two bitumen production plants in Poland, the European Commission said.

Sources had told Reuters that the company was on course to win EU approval based on its package of concessions.

“The extensive commitments offered by PKN Orlen will ensure that the relevant Polish markets remain open and competitive and that the merger will not lead to higher prices or less choice for fuels and related products for businesses and consumers in Poland and Czechia,” EU antitrust chief Margrethe Vestager said.

Reporting by Marine Strauss and Foo Yun Chee

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