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 plans to build a coal-fuelled power plant in Ostroleka, in northeastern Poland, at a cost of around 6 billion zlotys, but it’s struggling to …read more
Source:: Yahoo Finance
