ADNOC closes acquisition of 24.9% stake in OMV

Abu Dhabi National Oil Company (ADNOC) on February 29 announces the completion of the acquisition of a 24.9% shareholding in OMV, an Austrian chemicals and energy company, from Mubadala Investment Company.

Osterreichische Beteiligungs (OBAG), an Austrian independent holding company, holds a 31.5% share in OMV. The remaining share capital is held in free float. The financial details of the deal were not disclosed.

ADNOC shareholdings in European petrochemical maker Borealis and Abu Dhabi-based Borouge will increase through OMV investment.

In 2022, ADNOC had agreed to acquire a 25% stake in Borealis from Mubadala, which is 75% owned by OMV. Additionally, ADNOC and Borealis raised over $2bn through an initial public offering of Borouge in May of the same year.

The parties also continue to be engaged in 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, ADNOC said.