Polish energy firm PKN Orlen has announced a tender offer to acquire a minority stake in Energa Group, an electricity distribution company.
PKN Orlen has offered $2.18 (PLN8.35) per share to acquire a 20% stake.
PKN Orlen president Daniel Obajtek said: “We are building a strong multi-utility group capable of meeting the challenges of Poland’s energy transition. Effective integration within the group is key to the process, therefore we said we want to acquire the full stake in the Energa Group from the very beginning.
“Acquiring full control of Energa would bring measurable organisational and operational benefits. This tender offer is also our response to the expectations expressed by those of our shareholders who did not take part in the first tender offer.
“Their interest in the offer best demonstrates our proposed terms were and still are optimal and attractive.”
Last December, PKN Orlen announced its first tender offer to purchase all shares in the Energa Group. Opening from 9 October, the new tender offer will close on 20 November 2020.
With this acquisition proposal, a spokesperson for PKN Orlen has said the company aims to further integrate the assets of the two companies. It believes the synergies generated by the merger would benefit the shareholders and investors of its group.
In April this year, the company acquired an 80% interest in the Energa Group, which was reported to be one of the largest deal in Poland’s fuels and energy market.