2024-02-29 18:26:17
Abu Dhabi (Etihad)
ADNOC announced that it has officially completed the acquisition of a 24.9% stake in OMV AG (OMV), the global energy and chemicals group listed on the financial markets and headquartered in Vienna, Austria, from Mubadala Investment Company (Mubadala).
This deal contributes to accelerating the implementation of ADNOC’s strategy for global expansion in the chemicals field, and consolidates its position as a responsible, long-term partner and investor focused on achieving growth.
The financial details related to the deal were not revealed. After the successful completion of the deal, ADNOC now owns a 24.9% stake in OMV, while the independent Austrian holding company Österreichische Beteiligungs AG (OPAG) owns 31.5%. The rest of the ownership shares are listed in the financial markets.
Through this strategic investment in OMV, ADNOC increased its stakes in Borealis AG (Borealis) and Borouge PLC (Borouge), which strengthens its position in the chemicals field and creates opportunities for growth and benefiting from… Integrating experiences, capabilities and capabilities across its business portfolio in this field, especially in “Borouge”.
ADNOC intends to nominate two of its representatives to fill two seats on the OMV Supervisory Board at the appropriate time, in line with OMV’s governance processes.
Khaled Salmeen, CEO of ADNOC’s Refining, Manufacturing and Marketing Department, said: “ADNOC is proud to become a shareholder in OMV, the leading global company in the field of energy and chemicals, with which we have a long-term strategic partnership. Together we have succeeded in creating Great value through our joint project “Borouge”, and this investment that we announced today will contribute to achieving additional value and creating more future growth opportunities for both companies. Based on ADNOC’s 25% stake in “Borealis”, this deal represents the next stage of The paradigm shift march is part of our efforts to accelerate the implementation of the company’s ambitious strategy for expansion and growth in the chemicals sector, and to provide more important growth opportunities and create additional value for both ADNOC and OMV and their shareholders.
It is noteworthy that this deal is an important step within ADNOC’s ongoing efforts to create value and its approach to growth and expansion at the international level, contributing to consolidating close relations between the UAE and Austria, and enhancing ADNOC’s role as a catalyst for responsible and sustainable investment.
ADNOC and OMV continue to participate in unspecified discussions regarding the possibility of establishing a new joint holding entity for petrochemicals through the potential merger of their current stakes in Borouge and Borealis.
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