From Bloomberg
Poland’s government is considering merging the nation’s biggest oil and gas companies PKN Orlen SA, Grupa Lotos SA and PGNiG SA, three stalwarts of the Warsaw bourse.
The government will complete an initial analysis of the potential consolidation by the end of March, which includes various options for mergers, before deciding whether to proceed, Treasury Minister Dawid Jackiewicz said on Monday. PKN, Lotos and PGNiG have a joint market capitalization of more than 59 billion zloty ($14.7 billion), oversee almost all of Poland’s oil and gas imports, which come mostly from Russia, and have a dominant role in refining and retail. All three are controlled by the government.
