PKN Orlen, Poland's president differ over Orlen Lietuva's future

26 August 2010 18:03  [Source: ICIS news]

PRAGUE (ICIS)--PKN Orlen is still reviewing the option of selling Orlen Lietuva, its Lithuanian subsidiary, despite comments reportedly made by the Polish president to his Lithuanian counterpart that a divestment would not take place, the state-owned Polish company said on Thursday.

Lithuanian President Dalia Grybauskaite said she received an assurance from Polish President Bronislaw Komorowski that PKN Orlen would not sell Orlen Lietuva, in which Orlen said it has so far invested $3.5bn (€2.8bn).

“I do not think that someone who knows the business would sell such an asset for about 50% less than they spent on it,” said Grybauskaite, referring to current estimates of Orlen Lietuva’s value.

However, Orlen reaffirmed that its selection of Nomura Holdings to advise it on a range of options for Orlen Lietuva, including canvassing for potential bidders, remained valid.

($1 = €0.79)

For more on PKN Orlen visit ICIS company intelligence
Please visit Will Beacham’s Look East for Chemicals blog
To discuss issues facing the chemical industry visit ICIS connect

By: Will Conroy
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly