ADNOC ups stake in Austrian chemicals player
ABU DHABI, December 22, 2022 – ADNOC has agreed to purchase Mubadala Investment Company’s 24.9% stake of Austrian energy and chemicals company OMV, the Emirati NOC announced on Wednesday.
Following the transaction, Austrian holding company Österreichische Beteiligungs will hold 31.5% shares of OMV, with the remaining stake freely listed on stock markets.
The deal increases ADNOC’s shareholdings with Austrian chemicals giant Borealis through OMV’s controlling 75% stake and Borouge, a joint venture between ADNOC and Borealis that produces polyolefins.
Financial details of the transaction were not disclosed.
“This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders,” said Sultan Al Jaber, UAE’s minister of industry and advanced technology and managing director and group CEO of ADNOC.