European Event-driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Shareholders of Polish refiner PKN Orlen approved the proposed takeover of smaller rival Grupa Lotos, bringing Poland closer to creating a national champion better able to compete against global players.</li>
<li>This takeover has been planned for a long time and could not proceed until the EU gave the green light with a long list of remedies.</li>
<li>Gross spread (as of 22 July) is 5.63%. Shares of Lotos will cease trading next week. Long 1 LTS PW/short 1.075 PKN PW.</li>
</ul>


Shareholders of Polish refiner PKN Orlen approved the proposed takeover of smaller rival Grupa Lotos, bringing Poland closer to creating a national champion better able to compete against global players.
This takeover has been planned for a long time and could not proceed until the EU gave the green light with a long list of remedies.
Gross spread (as of 22 July) is 5.63%. Shares of Lotos will cease trading next week. Long 1 LTS PW/short 1.075 PKN PW.


Grupa Lotos SA

PKN Orlen/Lotos: Attractive Spread