European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Shareholders of Polish refiner PKN Orlen approved the proposed takeover of smaller rival Grupa Lotos, bringing Poland closer to creating a national champion better able to compete against global players.</li>
<li>This takeover has been planned for a long time and could not proceed until the EU gave the green light with a long list of remedies.</li>
<li>Gross spread (as of 22 July) is 5.63%. Shares of Lotos will cease trading next week. Long 1 LTS PW/short 1.075 PKN PW.</li>
</ul>


Shareholders of Polish refiner PKN Orlen approved the proposed takeover of smaller rival Grupa Lotos, bringing Poland closer to creating a national champion better able to compete against global players.
This takeover has been planned for a long time and could not proceed until the EU gave the green light with a long list of remedies.
Gross spread (as of 22 July) is 5.63%. Shares of Lotos will cease trading next week. Long 1 LTS PW/short 1.075 PKN PW.


Poland

ORLEN Spolka Akcyjna operates as an integrated, multi-utility company. The Company specializes in electricity generation, distribution and trading, crude oil processing, production of fuels, petrochemicals and chemicals, and the wholesale and retail sale of fuel products, as well as storage, marketing, and distribution of gaseous and liquid fuels.

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ORLEN (PKN PW)

PKN Orlen/Lotos: Attractive Spread

The EGMs of both companies have approved the takeover. Lotos has motioned for suspending trade in its shares on the WSE as of 29 July until delisting.

Jesus Rodriguez Aguilar

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