Poland's PKN Orlen likely to buy PGNiG in October

Poland's leading oil and gas company PKN Orlen will likely acquire the country's natural gas monopolist PGNiG in October or November this year, Orlen said on Friday.

PKN Orlen expects to hold a special shareholders' meeting in September and PGNiG's in October.

PGNiG shareholders will receive 0.0925 new shares in Orlen per share in PGNiG, according to a merger plan by the two companies. Orlen will issue 534 million new F-series shares in order to finalise the deal.

The merger has to be approved by the shareholders of both companies, and there are also other conditions that must be fulfilled in the merger strategy.

The Lotos takeover was approved by the EGMs of Orlen and its smaller peer Lotos last week.