May 23, 2018 / 4:50 AM / a month ago

Poland's PKN agrees to buy out Czech Unipetrol

WARSAW (Reuters) - Polish biggest oil refiner PKN Orlen (PKN.WA) will buy the remaining 5.97 percent in Czech unit Unipetrol (UNPE.PR) from minority shareholders for 380 crowns per share to complete its takeover and delist the unit from the Prague bourse.

PKN, which owns 94.03 percent in Unipetrol, said late Tuesday it will ask the Czech central bank to approve the buyout. The oil refiner expects the transaction to be completed by this year-end.

PKN had increased its stake in Unipetrol earlier this year via a voluntary tender, offering 380 crowns per each share in the Czech downstream oil group, which valued the transaction at around 3.5 billion zlotys ($960.35 million).

Reporting by Agnieszka Barteczko, Editing by Sherry Jacob-Phillips

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