Poland To Merge Its Two Major Refiners, Lotos Shares Up



Reuters

WARSAW, Feb 27 (Reuters) - Poland's state-run refiner PKN Orlen said on Tuesday it has signed an agreement with the state treasury to buy at least 53 percent of shares in a smaller, also state-controlled, rival Grupa Lotos.

"On Feb. 27 the letter of intent was signed between PKN Orlen and the state treasury regarding taking capital control of Grupa Lotos by PKN Orlen," PKN Orlen said in a statement.

No financial details were disclosed. Lotos shares jumped 5.5 percent on the news.

(Reporting by Marcin Goclowski and Pawel Florkiewicz Editing by Lidia Kelly)



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