Sale of Lotos Unlikely in 2011

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Poland is unlikely to privatize listed fuel group Lotos by the end of 2011 but, when the process gets going, a potential investor will be expected to announce a tender offer on 100% of Lotos shares yet keep the company on the WSE, deputy Treasury Minister Mikolaj Budzanowski told reporters.

“I expect the investor to announce a tender offer on 100% of shares but keep the company on the stock exchange,” he added.

Poland will likely prepare a list of potential investors for Lotos at the turn of 2011 and 2012, Treasury Minister Aleksander Grad said in late March.

Requirements to potential investors include development projects, outlays on upstream activity, a long-term investment horizon and intention to build the company’s value in Poland, with the headquarters in Gdansk, Grad specified.

Poland extended the deadline for filing offers on a 53.2% stake in fuel group Lotos to April 29 from March 18 on the request of potential investors, the Treasury Ministry said in early March.

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