PKN Orlen to acquire ENERGA Group for $870m.

PKN Orlen, a major Polish state-owned oil refiner and petrol retailer, offered to acquire ENERGA Group, a group engaged in generation, sale and distribution of electricity and heat, for $870m. "As declared earlier, we are consistently pursuing our priority goal of building a strong business capable of successfully competing on the international marketplace and resilient to changing macroeconomic factors. Our drive to diversify revenue sources fits in both with our strategic vision and with global trends. It is making the entire Group more immune to macroeconomic pressures, enhancing its operational stability and security. Capital projects to grow all areas of our business as well as acquisitions geared towards maximum synergies are a vital part of the Orlen Group’s strategy. Our plans to acquire the LOTOS Group and decision to launch a tender offer for ENERGA shares are in tune with these efforts. The power generation segment already accounts for close to 15% of the Group’s EBITDA. Once we have acquired the Energa Group, this share will grow to nearly 30%," Daniel Obajtek, PKN Orlen CEO and President.