CEE MARKETS-Poland’s PKN Orlen plunges, currencies continue rebound
Shares in PKN Orlen fell on Friday after
Poland’s biggest refiner surprised investors with a plan to take over state utility
Energa to strengthen its position in the electricity market.
The offer of seven zlotys per share, which values Energa at 2.9 billion zlotys
($743.78 million), caused PKN Orlen’s shares to fall more than 10% in early trade,
as investors fretted over the prospect of the company’s involvement financing a
costly power-plant project.
Energa
Poland’s biggest refiner surprised investors with a plan to take over state utility
Energa to strengthen its position in the electricity market.
The offer of seven zlotys per share, which values Energa at 2.9 billion zlotys
($743.78 million), caused PKN Orlen’s shares to fall more than 10% in early trade,
as investors fretted over the prospect of the company’s involvement financing a
costly power-plant project.
Energa
Posted by Reuters