Bloomberg News

Lotos Falls on Report Poland May Not Sell Stake in Oil Refiner

March 02, 2012

Grupa Lotos SA (LTS), Poland’s second- biggest oil refiner, dropped the most in three weeks after a report that the Treasury Ministry isn’t planning to sell its 53 percent stake this year or next.

The shares lost as much as 2.7 percent, the most since Feb. 10, to 27.15 zloty and traded 1.9 percent lower at 12:10 p.m. in Warsaw.

Poland doesn’t plan to sell its holding in the Gdansk-based company by 2013, the Polish Press Agency reported, citing Treasury Minister Mikolaj Budzanowski.

“Bad news, because it could discourage speculation on a possible attractive tender offered by for example Polskie Gornictwo Naftowe i Gazownictwo,” Kamil Kliszcz, a Warsaw-based analyst at DI BRE Bank SA wrote in a morning note to clients today.

PKN Orlen SA (PKN), Poland’s biggest refiner, and Polskie Gornictwo Naftowe i Gazownictwo SA, the country’s dominant gas company, can’t be ruled out as potential buyers, Budzanowski was cited as saying in Puls Biznesu newspaper on Feb. 7.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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