OMV
Adnoc to take Mubadala's 25% stake in Austrian petchem firm / Move increases ownership in Borealis, Borouge
 OMV refinery facilities in Burghausen, Germany (Photo: OMV) |
The Abu Dhabi National Oil Company (Adnoc, Abu Dhabi, United Arab Emirates; www.adnoc.ae) said it is acquiring the 24.9% stake in OMV (Vienna, Austria; www.omv.com) held by Emirati sovereign wealth fund Mubadala Investment Company (Abu Dhabi; www.mubadala.com). Financial details were not disclosed.
The deal, which is still subject to approval, follows a similar shift in shares of OMV unit Borealis (Vienna; www.borealis.com), a transaction that moved a 25% stake in the resin maker from Mubadala to Adnoc in May 2022, with the parent retaining its 75% holding (see Plasteurope.com of 11.05.2022).
Through this investment, Adnoc said it will increase its shareholdings in both Borealis and Borouge, its Abu Dhabi-based petrochemicals and polymers joint venture with Borealis.
Adnoc noted that the OMV deal bolsters its “footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge”.
The deal, which is still subject to approval, follows a similar shift in shares of OMV unit Borealis (Vienna; www.borealis.com), a transaction that moved a 25% stake in the resin maker from Mubadala to Adnoc in May 2022, with the parent retaining its 75% holding (see Plasteurope.com of 11.05.2022).
Through this investment, Adnoc said it will increase its shareholdings in both Borealis and Borouge, its Abu Dhabi-based petrochemicals and polymers joint venture with Borealis.
Adnoc noted that the OMV deal bolsters its “footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge”.
02.01.2023 Plasteurope.com [251843-0]
Published on 02.01.2023