Poland planning takeover defence for Orlen - report

Poland's economy ministry is working on a strategy to defend PKN Orlen against a potential takeover, concerned that a Russian oil major could buy a large stake in the company on the open market, Wprost weekly reports today without citing sources.

Wprost says that the share price of PKN, in which the state holds almost 30 pct as well as a 'golden share' aimed at giving it a veto on company decisions, may have risen in recent months due to a Russian company buying its shares.

Analysts and fund managers say PKN's gains have been due to high world oil prices and investors taking a positive view of its long-term strategy and purchase of Lithuanian refinery Mazeikiu.

The economy ministry was not immediately available for comment.

Source: forbes.com