WARSAW, June 8 (Reuters) - Poland's leading oil refiner, PKN Orlen, proposed changes to its charter on Monday aimed at banning joint voting by investors, except for the government and state agency Nafta Polska, which controls it.
Currently, non-state shareholders, who own more than 60 percent of PKN, have their voting rights limited to 10 percent of the company because the government sees the company as key to Poland's energy security.
The amendment, proposed in general meeting resolutions, would also prevent shareholders with capital ties from circumventing existing limits by voting together.
"I think this is aimed at limiting chances of a hostile takeover," said BZ WBK analyst Pawel Burzynski. "The current valuation is low and shareholder structure is very fragmented."
The refiner declined to comment on the proposals.
In April, shareholders in Hungary's MOL agreed on extraordinary takeover defence measures to block Russia-based Surgut from taking control, after it bought a 21 percent stake in Hungary's top refiner from Austrian peer OMV.
PKN shares fell 1.3 percent on Monday, roughly in line with the market's main WIG20 index, which lost 1.1 percent. (Reporting by Patryk Wasilewski; editing by Simon Jessop)