Poland's PKN Orlen plans to fully acquire Czech Unipetrol
The Polish company reportedly offered 380 crowns per share with an aim of acquiring the remaining shares of Unipetrol, in which it holds 62.9% and withdraw the company from the Prague stock exchange.
The media cited the issues caused by the current ownership structure in Unipetrol as the main reason behind the PKN Orlen’s decision to seek full control of the company.
The company’s $3.16 billion offer drove the Unipetrol’s shares up by 3.6% on Wednesday at 378 crowns.
Unipetrol recorded an immense growth in its net profit during the third quarter of 2017 due to the start-up of its new steam cracker in Litvinov, the Czech Republic along with its new 270,000 tons/year PE3 unit in the same area.
Accordingly, the company’s profit increased 111% to CZK1.5 billion ($69 million) in the third quarter while its EBITDA (earnings before interest taxes depreciation and amortization) was up by 77% to reach CZK3.4 billion ($156 million).
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- June PP, PE prices drop further on weakened activities in Egypt
- Europe’s PS, ABS markets come off peaks on plunging costs
- Asian polymer markets unfazed by crude oil rally
- India’s polymer demand slowly heals pandemic-inflicted wounds
- LDPE faces a tougher slog in Asia, Europe still on a tear
- Weakness extends to June in Saudi Arabian PP, PE markets
- European PP signals stabilization after 7 months of hikes
- Turkish plastic recycling market in deadlock–solution awaited on import waste ban
- Asia PVC markets decline to 3-month low as downturn fueled by June announcements
- Limited demand leads to further PP, PE declines in China; LDPE hits 6-month low