ADNOC Acquires 24.9% Stake in OMV from Mubadala
Posted on 12/23/2022
Abu Dhabi National Oil Company (ADNOC) agreed to buy 24.9% of Austrian oil and gas group OMV from Mubadala Investment Company. Upon completion of the transaction, which is subject to certain closing conditions and regulatory approvals, ADNOC will own 24.9% of OMV, Österreichische Beteiligungs AG (ÖBAG) holding 31.5%, with the remaining share capital in free float.
Through this investment in OMV, who holds a 75% stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge, increasing its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge.