Socialpost

Complete News World

ADNOC acquires OMV shares from sovereign wealth fund Mubadala

ADNOC acquires OMV shares from sovereign wealth fund Mubadala

There is a change in the ownership structure of OMV. Abu Dhabi National Oil Company (ADNOC), longtime major shareholder Mubadala, Abu Dhabi’s sovereign wealth fund, has announced the sale of its 24.9 percent stake in OMV to the Abu Dhabi National Oil Company (ADNOC).

The country that owns ÖBAG announced via broadcast that it has been informed of the change of ownership. With 24.9 percent of OMV’s shares, ADNOC has become the second largest shareholder after ÖBAG, which owns 31.5 percent.

“If formal approvals are granted, ADNOC will be a long-term strategic partner for all areas of OMV’s business,” ÖBAG wrote in its statement. ÖBAG’s goal remains to ensure that the value of the OMV is increased in the long term and that the interests of the site are protected.

It actually acquired Borealis shares in the spring

With this step, ADNOC, one of the largest oil producers in the world, will strengthen itself in the chemicals sector. It was only in the spring that ADNOC and Mubadala agreed that ADNOC would acquire a 25 percent stake in the Borealis petrochemical group, in which OMV owns 75 percent.

The company announced: “The deal represents an important next stage for ADNOC to accelerate its ambitious chemical growth strategy locally and internationally, and is in line with Mubadala’s long-term investment strategy.”

See also  Let's go on an adventure: we tested the Renault Trafic Camper for you! in 5 minutes