Polish fuel giant Orlen to take over Czech Unipetrol

Polish largest oil refiner PKN Orlen will buy out the remaining 5.97 percent of Czech Unipetrol’s shares.

Orlen which already owns 94.03 percent of Unipetrol, offered CZK 380 (EUR 14.8) per share in December 2017. Unipetrol which has refineries and 400 gas stations, is also the only PVC producer in the Czech Republic.

After the complete takeover, which requires the approval of the Czech central bank, Unipetrol, the largest refining and petrochemical group in the Czech Republic, will be delisted from Prague Stock Exchange.

Unipetrol Group's net profit for 2017 amounted to almost EUR 340 mln.

Orlen expects the transaction to be completed by the end of 2018.

Plans are afoot to merge the country’s two biggest state-controlled refiners, Orlen and Lotos, to create a bigger player on international markets.