Wood & Co. - PKN věří v odsouhlasení odkupu za 135 Kč

Conoco and Agrofert provisions. PLN 376mil of provisions were booked into other operating costs of PKN Orlen to cover risks associated Agrofert and Conoco agreements. PKN management confirmed that there will be no impact on UNIPETROL books as both agreements were made between Conoco/Agrofert and PKN.

Unipetrol buyout. PKN reportedly submitted most bullish scenario for UNIPETROL outlook to the independent valuator that came with CZK 135 fair value that has been then presented to SEC. Management is confident that SEC will approve the deal. PKN was not able to explain why, given that most of the synergies will be utilized at Unipetrol level (thus it is in the best interest of PKN to buy out as many minority shareholders as possible), PKN offers buyout significantly below the market value.