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Orlen SAUPDATE 2: Orlen energy makes non-binding PLN 1.022 bln offer to acquire 100 pct stake in Grupa Azoty Polyolefins
Poland's largest energy concern Orlen has made a non-binding offer to listed chemicals group Azoty to purchase all shares in Azoty's unit, Grupa Azoty Polyolefins (GAP), for a total of PLN 1.022 billion (EUR 239.7 mln), Orlen said in a market filing. Azoty's CEO Andrzej Skolmowski said that the management is carefully reviewing the terms of Orlen’s offer and will decide on further actions once the necessary analyses are completed.
It has been announced that the offer involves the acquisition of all GAP's shares, including the group's assets, free of all encumbrances on a cash-free, debt-free basis.
The offer concerns Orlen providing Grupa Azoty Polyolefins with the financing necessary to restructure all debts and claims and to purchase all GAP shares from other shareholders.
The offer is non-binding and depends on conditions including GAP's debt restructuring, agreement on share purchase terms, satisfactory due diligence for Orlen, and required corporate approvals.
Orlen's offer is valid until December 31, 2025, and the transaction is expected to be completed by June 30, 2026.
The concern indicated that its offer is in line with the implementation of the Orlen 2035 Strategy in terms of selective investments in the polymer and petrochemical value chain.
"We are carefully reviewing the terms of the offer received from Orlen regarding the potential acquisition of shares in Grupa Azoty Polyolefins. After conducting the necessary analyses of the arrangements, we will decide on further actions, which we will communicate to the capital market in an appropriate manner," said Azoty's CEO Andrzej Skolmowski, quoted in a press release.
In September, Grupa Azoty announced the signing of an annex to the Memorandum of Understanding (concluded on August 1, 2025) between Grupa Azoty, Grupa Azoty Police, Grupa Azoty Polyolefins and Orlen. The annex extended the cooperation between the parties to include an analysis of the possibility of a potential sale of a 100 percent stake or part of the shares of Grupa Azoty Polyolefins by Grupa Azoty and Grupa Azoty Police.
The current shareholding structure of GA Polyolefins is as follows: Grupa Azoty Police – 34.4 percent, Grupa Azoty – 30.5 percent, Orlen – 17.3 percent, Hyundai Engineering Co. – 16.6 percent, Korea Overseas Infrastructure and Urban Development Support Corporation – 1.1 percent.
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