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MARKETS LIVE BLOG:

STOCKS SLIDE AFTER META'S REALITY CHECK, DOWNBEAT GDP

Caterpillar sinks 7% after earnings, management sees weakness in Europe, Asia-Pacific

PKN says launches takeover bids for Canada's Kicking Horse, U.S. FX Energy

Reuters

WARSAW (Reuters) - Poland top refiner, the state-controlled PKN Orlen (:PKN.WA), said on Tuesday it has launched takeover bids for Canada's Kicking Horse Energy (TSXV:KCK.V - News) and U.S. firm FX Energy (NasdaqGS:FXEN - News), worth a total of over $300 million.

PKN said it will offer Kicking Horse's shareholders 4.75 Canadian dollars for each share in an all-cash deal, valuing the firm's equity at 293 million Canadian dollars ($224.9 million), and putting the enterprise value at 356 million CAD.

The Polish refiner said it will also offer shareholders of U.S. firm FX Energy $1.15 in cash for each common share and $25 for each preferred share, valuing the firm's equity at $83 million. PKN said it will announce a tender offer for FX Energy by Oct. 23.

($1 = 1.3029 Canadian dollars)

(Reporting by Marcin Goettig; Editing by Wiktor Szary)