Emirate of Abu Dhabi-owned ADNOC acquired about 30% shareholding in OMV AG (OMV), an energy and chemicals group from Mubadala Investment Company (Mubadala) financial institute on Friday, to accelerate the delivery of its chemical growth strategy.
Following the transaction, the company said it will own 24.9% of OMV, while Austrian-based firm Österreichische Beteiligungs AG (ÖBAG), will hold 31.5% of shares, and the remaining share capital is in free float.
The government-owned company also said, through this investment in OMV, it has increased its shareholdings in both OMV’s subsidiary Borealis AG (Borealis) and Borouge.
The financial details regarding the acquisition are not disclosed, said ADNOC. Additionally, both firms are under open-ended negotiations about the potential creation of a new combined petrochemicals holding entity through the proposed merger of their respective existing shareholdings in Borouge and Borealis.
The petrochemical firm also looks to expand its footprints in the chemical sector enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio in particular at Borouge, said the firm.
“Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders,” said Khaled Salmeen, Executive Director, Downstream Industry, Marketing and Trading at ADNOC.
In February, ADNOC along with oil and gas BP is on board to form Joint Venture (JV) in Egypt with BP holding 51% and ADNOC holding 49% to combine both the firm’s technical capabilities to grow a highly competitive gas portfolio.
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