Polish oil refiner PKN Orlen’s bid for rival Lotos may reduce competition in Poland and neighboring countries and push up prices, EU antitrust regulators stated on Wednesday, August 7, as they opened a full-scale investigation.
State-run PKN wants to buy at least a 53% of Lotos, in which the government holds a 53.19% stake. The companies own the only two refineries in Poland and are also present in the Czech Republic, Estonia, Latvia, Lithuania, and Slovakia.
The European Commission found the deal may lead to higher prices and curb competition, confirming a Reuters report on July 4.
Full Content: Reuters
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