ADNOC closes acquisition of 24.9% stake in OMV
Published by Poppy Clements,
Assistant Editor
Hydrocarbon Engineering,
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.
Following the successful completion of the transaction, ADNOC owns 24.9% of OMV, while Österreichische Beteiligungs AG (ÖBAG), 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 plc (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 & 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 (JV), 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.”
This transaction represents the latest milestone in ADNOC’s ongoing value creation and international growth journey. 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.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/01032024/adnoc-closes-acquisition-of-249-stake-in-omv/
You might also like
Sulzer opens new Service Center in Kuwait
The Service Center will provide around-the-clock engineering services for all brands of pumps and rotating equipment.