PKN Orlen of Poland (the Unipetrol privatization tender winner with a CZK99 / share bid) repeated that the acquisition of Unipetrol would not be completed before early next year because of delays in obtaining EU regulatory approval. PKN said it is still negotiating with the EU on the wording of its formal notification of the takeover. The final notification has to be submitted as soon as the Commission agrees with the content of the draft notification. Once the EC is notified it then has 30 days to decide but could postpone the deadline by up to four months if more information is needed.
Source: Bloomberg
Tomáš Gatěk, Patria Finance