According to Bloomberg, PKN Orlen said that it will file a request with the European Commission to clear its bid for Unipetrol by the end of this month. So far, PKN has held pre-negotiation talks with the EC concerning all the information and documents required to assess the bid. The EC will then have an additional 30 days to make its decision. This deadline can be extended by two weeks in case of minor unclear issues and by 4 months in case of more significant issues. We expect the EC to decide by the end of November as the pre-negotiations should have cleared up all uncertainties. Based on earlier information, the EC was expected to make its decision by the end of October assuming PKN submitted its request for approval at the end of September.
Tomas Gatek, Patria Finance