PKN offers to sell Polish assets on EU concerns over Lotos deal

Poland's biggest refiner PKN Orlen has offered to sell assets in Poland to address EU antitrust concerns over its planned acquisition of smaller rival Lotos, people familiar with the matter said in a press release.

The package of concessions offered include quasi-structural and also so-called behavioural assets, the people said. Structural concessions refer to asset sales while behavioural typically means offering rivals or customers access to licensing technologies or non discriminatory supply deals.

PKN's concessions cover the wholesale fuels market, retail supply of fuels and supply of jet fuel, bitumen and lubricants, areas singled out by the European Commission when it launched a full-scale investigation into the deal in August last year, the people said.