“The merger model with Lotos and PGNiG will be developed by September. We would like to close the process this year,” said the President of PKN Orlen Daniel Obajtek at a joint press conference with the Deputy Prime Minister, Minister of State Assets, Jacek Sasin.

“The construction of a multi-energy concern is entering its final phase. Together with the Ministry of State Assets we confirmed the structure of the merger of the Lotos Group and PGNiG with the Orlen Group. The strength of the integrated entity will allow for the implementation of investments of strategic importance for the entire economy,” Mr Obajtek wrote on Twitter.

The merger of the companies will take place through the acquisition by Orlen of the other two companies. The transaction will be cashless and the State Treasury will hold 50 percent of shares in the new entity.

“It will guarantee efficient management and will protect against a possible hostile takeover and other dangers,” Deputy Prime Minister, Minister of State Assets Jacek Sasin emphasised.

He also announced that he had signed an agreement with all three companies regarding their consolidation. He stressed that consolidation was necessary to deal with the increasingly stronger competition from international fuel companies.

The head of the Ministry of State Assets said that the creation of the new entity will allow the Polish economy to return to the path of rapid development.