16 September 2013 08:07 [Source: ICIS news]
SINGAPORE (ICIS)--PKN Orlen has agreed to purchase Canada’s TriOil Resources for Canadian dollar (C$) 183.7m ($177m) in cash, the Polish refining and petrochemicals group said on Monday.
The deal will be done through ORLEN Upstream International, the Dutch subsidiary of ORLEN Upstream, which is a wholly-owned subsidiary of PKN Orlen.
ORLEN Upstream International “has agreed to purchase all of the issued and outstanding class A common shares of the company [TriOil] at a cash price of C$2.85 per common share”, PKN Orlen said in a statement.
“The arrangement is subject to customary conditions for a transaction of this nature, which include an approval at minimum of 2/3 [two-thirds] of shareholder votes cast at the TriOil meeting [in November] and pertinent court approvals,” the company said.
The deal is expected to be closed before the end of November this year, according to PKN Orlen.
TriOil is engaged in the exploration, development and production of petroleum and natural gas.
($1 = C$1.04)
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