Orlen CEO says he is optimistic Azoty Polyolefins deal can be closed soon (updated)

Grupa Azoty SA

03/09/2026 12:15

Adds quotes and background from paragraph 2 onwards
WARSAW, Sept 3 (Reuters) - Orlen PKN.WA CEO Ireneusz Fafara is optimistic a deal to buy chemicals company Grupa Azoty's ATTP.WA Polimery Police plant could be closed soon despite a legal dispute with its joint venture partner.
Shares in Azoty fell as much as 5.2% on Thursday after a report that the dispute could jeopardise the sale. They later recovered some losses, and by 1029 GMT were down about 1%.
U.S.-European chemical company LyondellBasell LYB.N has started arbitration against Orlen, claiming the acquisition would breach a non-compete clause from their long-standing joint venture agreement, according to Poland's WNP.pl business news portal.
"I'm optimistic that the deal can be closed soon," Fafara told reporters when asked if the arbitration with LyondellBasell would jeopardise the deal agreed earlier this year.
Polish state-owned refiner Orlen said in April it had signed a preliminary agreement with Polish state-controlled chemicals group Grupa Azoty to acquire all the remaining shares in its Grupa Azoty Polyolefins unit.
The transaction involves the acquisition of shares in the company and the provision by Orlen of the 1.35 billion zlotys ($362.4 million) in financing required to complete its restructuring.
Orlen currently holds a 17.3% stake, which will rise to 100% upon completion of the transaction planned for the third quarter.    
($1 = 3.7256 zlotys)

 (Reporting by Marek Strzelecki; Writing by Pawel Florkiewicz; Editing by Jan Harvey)
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