SMM LEGAL AND PKN ORLEN CELEBRATE A SUCCESS. EUROPEAN COMMISSION APPROVES ORLEN’S MERGER WITH LOTOS
With our Firm’s support, on 14 July PKN ORLEN was granted European Commission’s consent for conditional concentration with Grupa Lotos. This is the first decision of this kind in Poland and probably the largest M&A transaction in the history of the Polish economy as such. The procedure lasted for over one year, and the project team was managed by Prof. Maciej Mataczyński.
‘One of the key tasks of the team was to prove that the acquisition of Grupa Lotos by PKN Orlen will be compliant with competition law’, explains Prof. Maciej Mataczyński, Managing Partner at SMM Legal. ‘It took us and the Client two years to convince the Commission that the proposed remedies guarantee that the transaction would be carried out in a way that ensures robust competition in the market’, he adds.
The consolidation process has been underway since mid-2018. In this period, our Firm has:
- Conducted a due diligence audit at Grupa Lotos;
- Provided support to PKN Orlen in the development of the acquisition strategy;
- Handled the procedure before the European Commission with regards to public competition law.
What is more, SMM Legal experts, in collaboration with lawyers from GIDE, Euclid Law and Geradin Partners as well as economic consultants from Compass Lexecon, supported the client in the elaboration of remedies preventing adverse effects of the planned merger.
Now that the Commission has cleared the transaction, its effectiveness depends upon Orlen’s meeting its obligations. Our Firm is now working on the implementation of the proposed remedies and the resultant transaction-related documentation.
The entire complex merger process, which is still far from being completed, called for a dedicated, interdisciplinary team. ‘During the most intense period, as many as 30 SMM Legal employees worked on the project’, explains Mr. Mataczyński. ‘Apart from legal expertise, our work required deep understanding of the Client’s operating business model. I am truly grateful to everybody working on the merger. It’s our shared success’, adds Prof. Mataczyński.
WATCH AN INTERVIEW WITH PROF. MACIEJ MATACZYŃSKI: