A shareholder change has taken place at the partially state-owned oil and gas company OMV. Abu Dhabi’s longtime core shareholder, sovereign wealth fund Mubadala, has sold its stake in the emirate to Abu Dhabi National Oil Company (ADNOC), OMV announced on Thursday evening.
ADNOC now owns 24.9 percent of the shares in OMV, ÖBAG (Österreichische Beteiligungs AG) still holds 31.5 percent. The share transfer took place on February 28.
This means that ADNOC, one of the largest oil producers in the world, is now the second largest shareholder behind ÖBAG. The transaction had already been announced at the end of 2022.
“Through its strategic investment in OMV, ADNOC has increased its shares in Borealis AG and Borouge plc, further strengthening its presence in the chemicals sector, enabling synergies and creating significant growth opportunities across the chemicals portfolio, especially at Borouge .” said a press release from the Emirati oil company.
Further negotiations
Regarding the planned divisional merger of OMV and ADNOC, the following was said: State oil company ADNOC and OMV continue to negotiate “with an open end” on the possible creation of a joint petrochemical holding company through the planned merger of their respective holding companies in Borouge and Borealis. .
To the background
Austria’s largest industrial group reported on the plans in the summer of last year. OMV is negotiating with ADNOC a possible merger of their petrochemical subsidiaries Borealis and Borouge as equal partners. The goal is to create a global polyolefins company with a significant presence in key markets. The deal could create a chemical giant with annual sales of more than $20 billion (18 billion euros).
Source: Krone
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