The Strategist

Polish PGNiG and Orlen shareholders vote to merge the companies

10/11/2022 - 15:30

The main Polish gasoline and energy corporations, PGNiG and Orlen, received shareholder approval for the merger, according to the TVN news station.

"PGNiG shareholders voted on Monday in support of the company's merger with Orlen," the message reads.

In late September, Orlen shareholders approved the merger with PGNiG.

4,959,494,443 PGNiG shareholders voted in favor of the merger with Orlen, 133,903 against it, and 26,097 did not participate in the ballot.

A merger plan involving transfer of all PGNiG assets and issuance of Orlen shares to PGNiG shareholders was signed by PKN Orlen and PGNiG at the end of July. The company's stockholders will get 0.0925 shares of the company for each PGNIG share they own.

Merger of Orlen and PGNiG has already received approval from the Polish government. The Polish Office for Consumer Protection and Competition also approved the merger (UOKiK). The agreement stipulates that PGNiG must relinquish control of Gas Storage Poland, which runs the gas storage facilities.