Thanks to amendments to the applicable laws, the Polish State Treasury may stand to save some money as it takes over shares in Orlen enlarged by Lotos and PGNiG. Consultation of the draft legislation which would modify the thresholds for compulsory tenders to subscribe for shares in the company are to run until 20 August (...)

In recent comments for DGP, Leszek Koziorowski, partner in GESSEL, wrote that most European national jurisdictions set the threshold for change of control over a company at 33%, but require that the tender covers all the shares in the entity. He takes the view that opening the opportunity to divest their stakes to all shareholders and compulsory tenders for all the shares upon attainment of the 50% shareholding threshold amount to “heading in the right direction”.


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