Reuters exclusively reported that Poland’s biggest refiner PKN Orlen is set to gain EU antitrust approval for its takeover of smaller rival Lotos after sweetening concessions aimed at allaying competition concerns. State-run PKN wants to buy at least 53% of Lotos, in which Poland holds a 53.19% stake. EU competition enforcers, however, are concerned that the deal may push up prices and reduce competition in Poland, the Czech Republic, Estonia, Lithuania, Latvia and Slovakia.
Reuters reveals PKN set to win EU antitrust approval for Lotos deal; market reacts
Lotos shares rose nearly 6% following the Reuters report.