March 26, 2020 / 5:45 PM / 2 days ago

PKN extends takeover bid for Energa due to coronavirus epidemic

WARSAW, March 26 (Reuters) - Poland’s oil refiner PKN Orlen has extended the share subscription deadline in its bid to take over utility Energa to April 22 from April 9 due to the coronavirus epidemic, it said on Thursday.

PKN Orlen said in December it planned to take over Energa, offering 7 zlotys a share for the utility.

For the bid to be successful, Energa’s shareholders will have to subscibe to sell at least 66% of the company’s shares to PKN.

PKN Orlen said that due to the extraordinary situation related to the coronavirus epidemic, there was a possibility that this condition would not be met by the original deadline. (Reporting by Agnieszka Barteczko. Editing by Jane Merriman)

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