May 5, 2020 / 11:40 AM / a month ago

PKN offers concessions to address EU concerns over Lotos deal

BRUSSELS (Reuters) - Poland’s biggest refiner PKN Orlen (PKN.WA) has offered concessions in a bid to address EU antitrust concerns regarding its planned takeover of smaller rival Lotos (LTSP.WA), a filing on the European Commission website showed on Tuesday.

The European Union competition enforcer, which did not provide details of the concessions in line with its policy, will now seek feedback from rivals and customers before deciding whether to accept PKN’s offer or demand more.

It is scheduled to decide on the deal by June 30. PKN put in its offer on Monday.

Last month, regulators sent a statement of objections to PKN, warning about the possible anti-competitive effects of the transaction.

The deal has been criticised by rival BP (BP.L), whose 575 Polish petrol stations compete with PKN’s 1,800 and Lotos’ 506.

Reporting by Foo Yun Chee

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