It is one of two acquisitions struck by the Polish refiner to expand its burgeoning upstream business.
Wholly-owned subsidiary Orlen Upstream will offer FX shareholders $1.15 a share in cash — a premium of 22% to the stock’s average closing price over the past two months — under a tender set to be launched on 27 October.
Holders of preferred stock in FX will be given $25 in cash per share, plus accrued and unpaid dividends.
