ADNOC has formally closed the acquisition of a 24.9% shareholding in Vienna-headquartered OMV from Mubadala Investment Company.
With this transaction successfully closed, ADNOC now holds a substantial portion of OMV’s shares, while Österreichische Beteiligungs AG (ÖBAG), an independent Austrian holding company, commands a 31.5% stake, leaving the remaining shares available for public trading. Through this strategic investment in OMV, ADNOC has increased its shareholdings in both Borealis and Borouge, further bolstering its footprint in the chemicals sector.
“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,” the company said in a statement on Friday. Financial details were not disclosed.
ADNOC intends to nominate two representatives to the OMV Supervisory Board in due course, in line with OMV’s governance processes.
“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,’ said Khaled Salmeen, Executive Director of Downstream Industry, Marketing & Trading at ADNOC. “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.”
Both companies will 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,” ADNOC said in a statement.
