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Adnoc

Adnoc acquires 24.9% stake in Vienna energy group OMV

ABU DHABI, March 1, 2024

Adnoc has acquired a 24.9% shareholding in OMV, a global energy and chemicals group, headquartered in Vienna, Austria, from Mubadala Investment Company, a report said.

The transaction accelerates delivery of Adnoc’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor. Financial details were not disclosed, Emirates News Agency, WAM, said.

While now Adnoc owns 24.9% of OMV, Osterreichische Beteiligungs AG (OBAG), an Austrian independent holding company, holds 31.5%, with the remaining share capital in free float.

Through this strategic investment in OMV, Adnoc has increased its shareholdings in both Borealis AG (Borealis) and Borouge, further bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge.

Adnoc intends to nominate two representatives to the OMV Supervisory Board in due course, in line with OMV’s governance processes.

Commenting on the successful closing, Khaled Salmeen, Executive Director, Downstream Industry, Marketing and Trading at Adnoc, said: “Adnoc is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership.

“Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies.

“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.”

Further cementing the strong ties between the UAE and Austria, the transaction reinforces Adnoc’s role as a primary catalyst for responsible, sustainable investment and value creation for Abu Dhabi, the UAE and its shareholders and partners.

Adnoc and OMV also continue to be engaged in 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. – TradeArabia News Service

 




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