PZU buys PKN Orlen shares from the State Treasury

18 October 2022 — Andrei Victor
At the end of September, the PZU SA Management Board adopted a resolution approving the acquisition of 14.2 million PKN Orlen shares - an oil company - from the State Treasury.

"Subsequently, on 28 September 2022, the PZU SA Management Board adopted a resolution to approve the acquisition of PKN Orlen SA shares. Pursuant to the resolution in question, the PZU SA Management Board agreed to purchase up to 14,200,000 shares of PKN Orlen SA by PZU SA from the State Treasury at a unit price no higher than the closing price of PKN Orlen SA shares on the Warsaw Stock Exchange on the day of signing the agreement on the sale of PKN Orlen SA shares between the State Treasury and PZU SA, and no higher than the arithmetic average of the middle values of the valuation ranges presented at the Management Board meeting less 10%", PZU representatives mentioned here.

At the close of quotation, PKN Orlen shares were valued at PLN 53.4, which implies the value of the transaction at PLN 756.2 million.

"(...) regarding the planned transaction of acquisition of shares of PKN Orlen SA and the conclusion of the agreement for the purchase of PKN Orlen SA shares by PZU SA from the State Treasury, the PZU SA Management Board, (...), hereby reports that on 30 September 2022, a block transaction was settled, as a result of which PZU SA acquired from the State Treasury 14,161,080 PKN Orlen SA shares, representing 2.26% of the share capital and the total number of votes at the shareholder meeting of PKN Orlen SA, for a total amount of PLN 756,201,672. The price per share according to the closing price of PKN Orlen SA shares on the main market of the Warsaw Stock Exchange on 29 September 2022 was PLN 53.40", as the Polish insurer noted here.

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