September 28, 2022 [Reuters] –Shareholders of Polish refiner PKN Orlen (PKN.WA) on Wednesday approved the takeover of gas company PGNiG (PGN.WA), bringing the oil firm closer to becoming what the government says will be a national energy champion able to compete with global players.
Shareholders owning at least two-thirds of Orlen shares had to back the merger terms to approve it. It received 81.9% of votes in favour, results of the vote showed. PGNiG shareholders are due to vote on the merger next month.
On Monday, the government cleared the terms of the merger under which PGNiG shareholders will get 0.0925 PKN Orlen shares for each share they hold. The government plans to sell 2% of Orlen shares, as part of the merger.
Poland seeks to create a global player to boost its energy security and shoulder the country’s move away from fossil fuels while maximising opportunities in the oil, gas and electricity sectors.
Pro Trial: Access 11,340 Tank Terminal and Production Facilities
11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data