Orlen made a non-binding proposal to the Azota Group on Wednesday, it concerns the acquisition of all shares of the Azota Polyolefins Group (GAP). Płock presently owns 17.3 percent of its shares.
The proposal concerns the acquisition of all shares, including assets, free of charge on a cash free debit basis. This word is defined as a transaction in which the buyer does not take over the debt but does not hold excess cash.
Orlen stresses that the proposal is presently non-binding and depends on certain conditions. These included: GAP's carrying out a restructuring procedure whereby receivables and claims will be repaid, agreeing conditions for acquisition of shares, examining the company (due diligence, i.e. a comprehensive analysis of the company's condition) considered satisfactory and obtaining corporate and administrative consents which the process requires.
Decision by end of the year
Płocki company announced that the proposal is valid from October 15 to December 31 of this year. On the another hand, the finalization of the transaction is expected until 30 June 2026.
– The offer concerns Orlen providing financing to the GAP essential to restructure all claims, claims and acquisition all GAP shares from another shareholders. The value of the tender amounts to PLN 1,022 billion – reads the company’s communication.
Orlen / Marcin Karwowski
