The companies said that negotiations on the terms of the deal, as well as an analysis of the potential transaction including due diligence, are scheduled to be finalized by Mar. 31, 2025.

“Since December, based on the signed cooperation agreement and the earlier letter of intent, we have been working intensively on potential solutions for the future of Grupa Azoty Polyolefins. As a result, we can now unequivocally confirm our chosen direction, which is to sell all or part of Polyolefins’ shares held by Grupa Azoty. At this stage, we will begin due diligence and seek to negotiate the terms of a potential transaction,” said Adam Leszkiewicz, president of Grupa Azoty’s management board.

“At Grupa Azoty, we believe that this collaboration can bring mutual benefits. From our perspective, a potential transaction is one of the key elements of our ongoing Recovery Program, under which we are developing a new business model for the group,” Leszkiewicz added.

In September 2024, Orlen and Grupa Azoty announced their talks about a strategic analysis of potential transactions in the polymers segment.