Poland: PKN Orlen does not want to merge with MOL now

22-12-2004, 17:00

Warsaw (Puls Biznesu) – Today, the Hungarian fuel company MOL has its IPO on the Polish stock exchange GPW. MOL and the Polish PKN Orlen were to merge. Igor Chalupiec, the CEO of the Polish fuel giant said in an interview for ‘Puls Biznesu’ that the moment is not particularly good for PKN Orlen to merge with its Hungarian peer. ‘In 2001, PKN Orlen had higher value than Austrian OMV and Hungarian MOL. Today, they are more expensive by 43 and 52 percent. Why should we recommend to our shareholders a merger which would be not profitable for them, especially that Orlen has not the access to oil, while the other companies do’, Igor Chalupiec explained. He promised that solution would be announced in the strategy of PKN Orlen, to be known in January.

He admitted that he had meetings with Austrian OMV and MOL. ‘I met the CEOs of OMV and MOL because I wanted to know their opinions on consolidation in fuel sector in our region. I think, merging is important for them but this is not their priority. Each of us enters new markets: Austrians enter Romania, Hungarians Croatia, and we – the Czech Republic’, Igor Chalupiec said.

Poland/Enterprises/Gas and Fuel

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Puls Inwestora / Poland: PKN Orlen does not want to merge with MOL now