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Abu Dhabi IPIC happy with OMV stake, in for long term

VIENNA, December 13, 2014

Abu Dhabi's IPIC sovereign wealth fund is happy with its nearly 25 per cent stake in Austrian energy group OMV and will remain an investor for the long haul, said its senior official.

"OMV is in good shape so we are quite happy with the strategy," IPIC finance chief Murtadha Al Hashmi told Austria's ORF radio in an interview.

He said a certain restructuring was required within the company but this was under way.

He dismissed speculation that IPIC could divest its stake. "IPIC's current intention is to remain a long-term shareholder in OMV," he said, declining to comment on a management shake-up that will see OMV's chief executive depart early.

"We are a family. We keep some certain stuff within the family," he said.-Reuters




Tags: abu dhabi | IPIC | Stake | OMV |

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