{"id":89596,"date":"2024-03-01T00:00:00","date_gmt":"2024-03-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-acquires-24-9-stake-in-austrian-omv\/"},"modified":"2024-03-01T00:00:00","modified_gmt":"2024-03-01T00:00:00","slug":"adnoc-acquires-24-9-stake-in-austrian-omv","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/01\/adnoc-acquires-24-9-stake-in-austrian-omv\/","title":{"rendered":"Adnoc acquires 24.9% stake in Austrian OMV"},"content":{"rendered":"

Mubadala offloads OMV stake to Adnoc: <\/strong>The Abu Dhabi National Oil Company<\/a> (Adnoc) closed its acquisition of a 24.9% minority stake in Austria-based integrated oil and gas company OMV<\/a> that was previously held by Abu Dhabi sovereign wealth fund Mubadala, Adnoc said in a statement<\/a> yesterday. The statement did not disclose the financial value of the transaction. <\/p>\n

Who will own what? <\/strong>Adnoc now holds 24.9% of OMV, while Austrian state-owned holding company \u00d6sterreichische Beteiligungs AG retains a 31.5% stake. The remaining 56.4% shares will continue to be traded in freefloat on the Vienna Stock Exchange. <\/p>\n

What\u2019s next?<\/strong> Adnoc is set to nominate two representatives to hold seats on OMV\u2019s supervisory board. <\/p>\n

A double gain for Adnoc:<\/strong> The new acquisition will see Adnoc increase its stake in both Borealis<\/a> and Borouge<\/a>, \u201cfurther bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge,\u201d according to the statement.<\/p>\n

What they said:<\/strong> \u201cBuilding 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,\u201d Adnoc\u2019s Downstream Industry, Marketing and Trading executive director Khaled Salmeen said. <\/p>\n

The move comes after months of on and off negotiations between the two companies on a merger of <\/strong>Borouge and Borealis<\/a><\/strong>, worth an estimated USD 30 bn. The latest round of negotiations<\/a> was reportedly stalled to \u201cnavigate a series of disagreements,\u201d ranging from the name of the potential merged entity to \u201cthe more serious.\u201d The merger, which was first announced in July<\/a>, was expected to give both companies an equal controlling stake.<\/p>\n

The merger is still on the table: <\/strong>\u201cAdnoc 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,\u201d Adnoc said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies will continue to seek a final agreement on the Borouge merger with Borealis<\/p>\n","protected":false},"author":1,"featured_media":89597,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[57,766,7,60,1343,692],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adnoc","tag-borouge","tag-enterpriseam-uae","tag-ma-watch","tag-mubadala","tag-omv","wpautop","entry"],"acf":{"mongo_id":"a018d651-e120-4aa7-9039-d221628ca749","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1853.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc acquires 24.9% stake in Austrian OMV","related_issue":[89592],"teaser":"The companies will continue to seek a final agreement on the Borouge merger with Borealis","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.9bfe7463-75cc-48f9-97de-2dc852d11997.mp3"},"yoast_head":"\nAdnoc acquires 24.9% stake in Austrian OMV - 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