PKN Orlen’s SB to discuss the Unipetrol bid in coming days

Today’s press has denied earlier reports that the new Supervisory Board had approved the final bid for Czech Unipetrol in the range of USD 0.5bn, almost 40% higher than USD 0.36bn indicative bid. In fact, the Supervisory Board is going to take the final decision on the matter on 17 or 22 April meeting. What seems to be decided already is that Agrofert, the local partner in PKN Orlen bidding, would take over the fertilizer plants that are part of the Unipetrol capital group while PKN Orlen would get the refining and retail assets.

Note that binding bids should be submitted by April 23. PKN would reportedly cooperate also with ConocoPhilips.

Jan Hajek, Patria Finance