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No firm bids in Lotos sale


No binding offers were submitted to acquire a majority stake in Grupa Lotos, Poland’s second-biggest oil exploration, production and processing company, the Ministry of the Treasury announced on 20 December. The failure of the auction – an important part of the government’s privatisation plan – was attributed to a difficult financing environment for M&A deals amid the debt crisis in the eurozone. It came despite a month’s extension to give investors more time for making binding offers. The ministry will now consider selling the group through an IPO on the Warsaw Stock Exchange.

In June the ministry announced that four oil groups were placed on the short-list to buy Lotos. They are known to have included Russia’s TNK-BP and MOL of Hungary. These two groups were the only bidders meeting the criterion of having upstream operations.

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