PKN Orlen launches planned bid for Czech unit Unipetrol
12/28/2017 8:08:00 AM
PRAGUE (Reuters) — Poland’s biggest oil refiner PKN Orlen on Thursday offered 380 crowns for each remaining share in its Czech downstream oil unit Unipetrol.
The offer runs until Jan. 30 and values Unipetrol at 68.9 B crowns ($3.2 B). Unipetrol’s largest minority shareholder said last week it would sell its 20% stake.
Unipetrol’s board said the bid price was “non-problematic and generally acceptable,” adding it was considerably higher than historical prices of Unipetrol shares in recent years.
Reporting by Jason Hovet; Editing by Elaine Hardcastle
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