According to the market report published on July 1, after the settlement of the latest share issue Orlen already controls 95.2% of Energa’s share capital, translating into a powerful 96% of votes at the general meeting.
The finale of the market telenovela, i.e. Orlen takes everything
For minority shareholders this is a clear message: the cards have been dealt.
Crossing the magical 95% barrier is only a statistical success, but a powerful legal trigger that initiates the compulsory buy‑out procedure. Orlen has now the right to legally "evict" the remaining small investors from the shareholder base and take 100% control of the Gdańsk company.
The path to this point, however, resembled a marathon with obstacles. It all began in April 2020 when Orlen acquired the first 80% of shares.
Over the following years minority investors did not intend to sell cheaply, regularly torpedoing the group’s plans and questioning the valuations of the Gdańsk group.
The final chord of this battle played out around the controversial CC series share issue, approved on April 2 2026. Although small players fought in courts, trying to block the more than 5.1 billion PLN issue intended for new gas power plants and distribution networks, their applications were dismissed. The court’s green light allowed Orlen to finalize the plan and cement its position.
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Business pragmatism versus political ambition
It might seem that holding so many shares automatically means Energa’s farewell to the Warsaw Stock Exchange. In normal market conditions a delisting request to the Financial Supervision Commission would be a formality. However, in the reality of state‑owned companies pure business logic rarely has the final say.
Currently two very different scenarios lie on the table, and decisions will be weighed in political salons.
The first variant is a full delisting. Orlen takes Energa under full wings, pulls it from the exchange and optimizes corporate costs. End of public reporting, end of dealing with minority shareholders at general meetings.
The second scenario, increasingly discussed behind closed doors, assumes a completely different outcome: Energa remains on the exchange, even if Orlen temporarily takes 100% of the shares.
Why? Such a move would allow a smaller share issue in the future to raise fresh cash from investors for gigantic energy transformation projects. Moreover, this step would perfectly align with the government’s noisy declarations about the need to revitalize the Polish capital market.
Keeping such a large, stable entity on the GPW would be a clear, positive signal for market players.
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Warsaw decides, Gdańsk lobbies
Who wins this option will not be decided by a spreadsheet in Płock, but by offices in the Ministry of State Assets. The game is highly political. On one side we have the interests of the country’s energy transformation, on the other – local economic patriotism.
Strong opposition to withdrawing the historic Gdańsk company from the exchange may come from Pomeranian politicians of the Coalition of the Civic Movement, for whom Energa’s presence on the exchange is a prestige element for the region.
Investors react to this news with moderate optimism, as Energa SA shares rose on July 2 by 0,64% to the level of 19 PLN.
Chart. Energa SA share price
Source: TradingView.
Orlen shares rise by 4,34% to 132.20 PLN.
Chart. Orlen share price
Source: TradingView.
See also: This could be a breakthrough week for the market. Inflation, Fed and geopolitics will hit the markets
Source: Money.
