The Polish Financial Supervision Authority notifies the prosecutor's office regarding the state-owned company. This is about insider trading
Orlen's large transaction came under the microscope of the Polish Financial Supervision Authority. As stated in the statement, the Office will examine recent transactions concluded in Energa shares.
The rest of the article below the video:
What exactly does this mean? In the statement sent, the government informs about:
1) issue on November 27, 2025 – authorized by the Chairman of the Commission, order to initiate explanatory proceedings in order to determine whether there are grounds for submitting a report on suspicion of committing crimes in the field of: :
and) use of confidential information in trading in the Company's shares,
b) unlawful disclosure of confidential information regarding the Company's shares;
2) submitted on November 28, 2025, notification of reasonable suspicion of committing a crime involving the use of confidential information in trading in the Company's shares by purchasing the Company's sharesin the period preceding the publication of confidential information, contrary to the prohibition referred to in Art. 14 letter a Regulation 596/2014;
3) address, on November 28, 2025, to investment companies with requests to block securities accounts and cash accounts of persons whose transactions indicate the potential use of confidential information.
Further in the statement, the Polish Financial Supervision Authority informs that ““The investigation procedure aims to determine all the circumstances of the events that occurred in trading in the Company's shares in connection with the delayed confidential information published by Orlen SA after the close of the stock exchange session on November 26, 2025, in current report No. 65/2025.”
“The confidential information concerned the commencement of activities aimed at increasing Orlen's involvement in the Company to 100 percent of the share capital as part of the invitation to other shareholders of the Company to submit offers for the sale of Energa shares,” we read.
“This information had a strong price-related nature” – finally emphasizes the Polish Financial Supervision Authority.
Orlen takes over. Something strange happened with Energa's shares
Although information about the plans to take over Energa shares and the price at which the shares are to be purchased appeared on November 26, that's it though large movements in Energa's shares were visible several days earlier. Their value increased by several percent to the levels currently set by Orlen's offer.
Let us remind you that Orlen pays PLN 18.87 for each share of the Gdańsk company.
Energa's share prices went up sharply for the first time on November 10. A similar move took place after the official announcement from Orlen
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Such big changes mean that you could make quite a lot of money on them. Someone, who would invest money at an exchange rate around PLN 15.5 could enjoy a profit of up to 20 percent after the changes.
However, it is worth noting that This was not a favorable situation for Orlen itself. The sudden increase in Energa's share prices on November 10 could have resulted in a higher share price required to be offered as part of the share buyback. It is often determined by the average of quotations from a certain period before the public announcement of the offer.
Orlen on the decision to take over Energa
The decision to take full control over Energa was made by the Orlen management board on November 17, 2025.however, as the company informs, its publication was delayed in accordance with the provisions of Regulation (EU) No. 596/2014 of the European Parliament and of the Council. The company's representatives emphasize that these activities are part of a broader strategy to increase its involvement in Energa.
Moreover, as we read in the published statement, Orlen envisages the possibility of purchasing Energia shares both on the regulated market, including through block transactions, and outside the regulated market. The first activities in this regard are scheduled for November 27, 2025, just before the formal acceptance of sales offers begins.
It is worth emphasizing that the decision of the management board and supervisory board to implement the intention to take over Energia's shares was classified as confidential information. Its disclosure took place only after the final approval of the action plan, which is also in line with applicable EU regulations.
“We declare full cooperation in the explanatory activities,” Orlen informs in response to Business Insider's questions regarding the mysterious KNF announcement, which appeared several hours after the announcement of the state-owned company's plans regarding Energa. We indicate what could have alerted the Polish Financial Supervision Authority. This has to do with the action firing earlier.
On Wednesday evening, Orlen unexpectedly announced what it intended to do with the group's Energa company. Previously, the possible options included: selling shares and separating companies as was the case in the past. We wrote about various options in Business Insider in July in the text: “Orlen is considering what to do with the key company. All scenarios are on the table“.
It turned out that However, Orlen plans to take full control over Energai.e. it wants to buy all the shares held by other shareholders. This process will start on December 1, 2025 and will last until December 17, 2025.
