Thursday, 20 September 2018

Unipetrol approves PKN Orlen's stock buyout proposal

CIA News |
29 December 2017

Unipetrol has made public the board of directors’ position and PKN ORLEN’s voluntary public proposal for the buyout of Unipetrol listed at the Prague Stock Exchange. The board of directors has not detected any inconsistencies between the offer’s terms and Unipetrol’s interests.

The offered price of CZK 380 per share is a bonus of 2.7% against the closing price from December 11, 2017 (CZK 370). PKN ORLEN has entrusted Česká Spořitelna to represent it in the offer acceptance process and stock transfer settlement.

PKN ORLEN aims to rase its effect Unipetrol and consider delisting the stock from Prague Stock Exchange and pursuing minority shareholder squeeze-out. PKN owns 62.99% stake in Unipetrol.