Polish financial regulator examines Orlen's offer for Energa (updated)

Energa S A

27/11/2025 09:18

Recasts, adds fresh comment from financial regulator in  paragraph 4

GDANSK, Nov 27 (Reuters) - Polish financial regulator KNF said on Thursday it was looking into state-controlled refiner Orlen's PKN.WA plan to buy out minority shareholders in its utility unit Energa ENGP.WA, and later also said it had identified persons who may have violated the law.

The regulator said it would analyse all circumstances of the planned 709 million zloty ($194.46 million) buyout, which Orlen announced on Wednesday, and would publish its findings as soon as possible.

"The KNF is conducting explanatory activities covering all aspects of this matter," the regulator said in a statement on its website.

KNF has identified persons whose actions may have constituted a violation of the law, the regulator said late on Thursday, without elaborating.

In a statement sent to Reuters, Orlen said it accepted the KNF's decision and was fully cooperating with the regulator. It also said the buyout was being conducted in accordance with the law.

"The KNF's declared actions do not affect the process related to the invitation to submit offers to sell shares of Energa," Orlen said in the statement.

The state-controlled refiner said on Wednesday it planned to invite minority shareholders to sell their shares in Energa with the aim of acquiring 100% of the company.

Orlen became Energa's majority shareholder in 2020 as part of a strategy to build a diversified energy group spanning oil, gas, power and renewables. It currently owns a 90.92% stake.

($1 = 3.6460 zlotys)

 (Reporting by Alicja Surdy, Rafal Nowak, Marta Maciag and Marek Strzelecki, editing by Anna Pruchnicka and Milla Nissi-Prussak)

 ((AlicjaEwa.Surdy2@thomsonreuters.com;))