ADNOC closes acquisition of 24.9% stake in OMV
UAE 
ABU DHABI, March 1, 2024 – ADNOC has formally closed the acquisition of a key 24.9% stake in OMV AG, a global energy and chemicals group, from Abu Dhabi sovereign wealth fund Mubadala Investment Company, the company announced Thursday.
Through the deal, ADNOC increases its shareholding in petrochemicals group Borealis, owned by ADNOC and OMV, and in Abu Dhabi-listed petrochemicals company Borouge. In July 2023, ADNOC and OMV had announced plans to merge Borealis and Borouge in a deal potentially valued at USD 30 billion.
Khaled Salmeen, ADNOC executive director, said, “This transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities.”
The financial terms of the deal were not disclosed.
Following the transaction, Austrian independent holding company Osterreichische Beteiligungs AG continues to own 31.5% of OMV, with the remaining share capital in free float. ADNOC stated it intends to nominate two representatives to the OMV supervisory board.
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