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Lotos' shareholders approve its takeover by PKN Orlen

Reuters
Updated

GDANSK, July 20 (Reuters) - Shareholders of Grupa Lotos approved on Wednesday its takeover by Poland's largest refiner, PKN Orlen, results of the vote showed, another step bringing Poland closer to creating a national company able to compete with global players.

Shareholders owning at least 80% of Lotos shares had to back the merger terms to approve it. It received 98.9% of votes in favour.

Orlen's shareholders will vote on the merger on Thursday. Both companies are state-controlled. (Reporting by Boleslaw Lasocki; Writing by Anna Koper; Editing by Louise Heavens)