OREANDA-NEWS. May 11, 2009. Vilnius office team led by partner Renata Berzanskiene and consisting of partner Tomas Kontautas, senior associate Mantas Petkevicius in cooperation with Deway & LeBoeuf Polish office assisted PKN Orlen S.A. in put option procedure regarding 9.98% of Mazeikiu nafta shares, reported the press-centre of Sorainen.

Polish oil concern PKN Orlen S.A. on 29 April 2009, as a result of realizing the Put Option agreement with the Lithuanian Government acquired remaining stocks of Mazeikiu nafta, it bought 70,750,000 ordinary shares from the Government of the Republic of Lithuania 9.98% of AB Mazeikiu nafta registered capital. The value of the transaction is close to USD 285 million.

The price was fixed two years ago when PKN Orlen S.A. acquired 84% of Mazeiku nafta from the bankrupt Yukos concern and the Lithuanian government. As a result of the transaction PKN Orlen S.A. owns 100% of shares of Mazeikiu nafta. This is the largest share acquisition transaction in the Lithuania and the Baltics in 2009.