The Polish oil and gas group PKN Orlen (27.5% owned by the Polish Treasury) has taken over the power company Energa. Between 31 January 2020 and 22 April 2020, PKN Orlen bought 80.5% of Energa, including the entire Polish Treasury stake (52%), for PLN2.8bn (€617m), offering PLN8.4 (1.9€) per share. PKN Orlen paid PLN1.8bn (€397m) for the Polish Treasury’s stake, including preferences shares. Due the coronavirus epidemic, PKN Orlen had extended the subscription period for Energa shares in its takeover bid from 9 April 2020 to 22 April 2020.
In December 2019, PKN Orlen presented a plan to take over Energa with the objective to strengthen its positions in the electricity market. Earlier in April 2020, the European Commission (EC) allowed the proposed merger under the EU Merger Regulation, as the two Polish companies’ activities have limited overlaps.
PKN Orlen is Poland largest wholesale supplier of oil products. It operates a large refinery in Płock with a capacity of 16.3 Mt/year. The company is also active on the wholesale and retail markets for refined oil products in Austria, the Czech Republic, Estonia, Germany, Latvia, Lithuania, Poland and Slovakia, and in the generation and wholesale supply of electricity in Poland. Energa (51.5% owned by the State of Poland) is active in power generation, distribution and sales activities in Poland. In consortium with ENEA, the company is currently developing the 1,000 MW Ostrołęka-C ultra-supercritical (USC) coal-fired power project that is planned to be commissioned in the second half of 2023.
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