For the merger to take effect shareholders of both groups must approve the share exchange. Shareholders owning at least 80% of Lotos shares have to back the merger terms to approve it. Poland's State Treasury controls 53.2% of Lotos and 27.5% of Orlen. It plans to end up with a 35.7% stake after the merger, PKN said in a presentation. General shareholders meetings are expected to be held in July, while the merger should be registered and finalised in August.