On Thursday, Powszechny Zakład Ubezpieczeń (PZU) signed an agreement to acquire over 14 million PKN Orlen shares from the State Treasury – it was announced in a press release. The transaction value will exceed PLN 750 million.
The Management Board of PZU announced that in accordance with the provisions of the agreement, the price for the shares would be equal to the product of their number and the price of one share “in accordance with the closing price of PKN Orlen SA shares on the main market of the Warsaw Stock Exchange on the date of conclusion of the contract”.
At Thursday’s close of trading, PKN Orlen shares were valued at PLN 53.4, which means that the value of the transaction will amount to over PLN 756.2 million.
PZU will buy Orlen shares
As informed, the sale of shares will be made by block trade no later than on the first business day after signing the agreement, and the settlement of the block trade will take place no later than on the first business day after submitting orders to sell and buy shares respectively by both parties to the transaction.
The State Treasury had so far 223,414,424 shares of PKN Orlen, constituting 35.66 percent. shares in the share capital of this company.
Main photo source: Orlen / press materials