THE PKN ORLEN AND LOTOS MERGER ENTERS ITS KEY STAGE: THE CONCENTRATION NOTIFICATION HAS BEEN SUBMITTED TO THE EUROPEAN COMMISSION
On 3 July 2019, PKN ORLEN notified the European Commission of its intent to acquire Grupa LOTOS S.A. The notification was preceded by a lengthy preparatory process spanning many months and involving dozens of SMM Legal lawyers led by Prof. Maciej Mataczyński, our Firm’s Managing Partner.
The projected merger of PKN ORLEN AND LOTOS is believed to be the biggest merger deal in the entire history of the Polish economy. Its aim is to build a strong, consolidated corporation capable of competing against international players. The merger requires a green light from the European Commission, which will examine the risk of potential distortions to competition arising from the deal. This is the key moment for the transaction, and was preceded by a number of pre-notification activities carried out over the last year and a half.
‘PKN ORLEN and Grupa LOTOS share a number of markets. Our goal is to convince the European Commission that the proposed transaction model ensures the compliance of the merger with competition law’, says Prof. Maciej Mataczyński, Managing Partner at SMM Legal, who leads the concentration-dedicated team.
SMM Legal has supported the Client in the notification submission in Brussels. ‘We are proud to play an active and multidimensional role in this unparalleled transaction for the Polish economy’, emphasizes Przemysław Maciak, the other SMM Legal Managing Partner. ‘The team tasked with the process consists of lawyers with expertise across a variety of fields. The selection of SMM Legal as a comprehensive advisor in this process confirms our extensive competence and the top quality of our lawyers, who are not afraid of taking up difficult challenges’, he adds.
The notification submitted on 3 July officially initiates the concentration procedure.
In the notification process SMM Legal has worked in a consortium with two Brussels-based law firms, EUCLID and GIDE.
Previously, we announced the establishment of cooperation with PKN Orlen informing about the scope of services provided by SMM Legal with regards to this groundbreaking transaction.