Poland eyes merging refiners

Poland

WARSAW, February 27, 2018 – Poland’s two largest refiners are to merge, international media reported on Tuesday.

PKN Orlen has signed an agreement to buy 53% of rival Grupa Lotos from the state, Reuters reported. No financial details of the deal were disclosed, though shares in both companies went up about 6% immediately after the news broke, the report added.

“The aim of the transaction is to create a strong, integrated corporation capable of competing better in an international dimension, resistant to market fluctuations,” PKN Orlen said in a statement cited by the agency.

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