The Abu Dhabi National Oil Companies (ADNOC), Mubadala Investment Company (Mubadala), and Sovereign Investment in Abu Dhabi announced a deal whereby ADNOC will acquire Mubadala’s 24.9% stake in OMVAG, the global energy and chemicals group listed on the stock markets. The money is based in the Austrian capital, Vienna, and financial details related to the deal were not disclosed.
According to the Emirati newspaper, Al-Khaleej, upon completion of the deal, after fulfilling the usual terms and conditions and obtaining the approvals of all relevant regulatory bodies, OMV will be a 24.9% owned company by ADNOC, and 31.5% by (OBAG). It is an independent Austrian holding company, knowing that the rest of the ownership stakes are listed in the financial markets.
By investing in OMV, which owns 75% of the shares of Borealis, ADNOC will increase its stakes in both Borealis and Borouge, which will strengthen its position in the field of chemicals, and create opportunities for growth and benefit from the integration of Experiences, capabilities and capabilities across its business portfolio in this field, especially in Borouge.
This investment is a major step in ADNOC's efforts to accelerate the implementation of its ambitious strategy to grow its chemicals business locally and internationally, and is also in line with Mubadala's long-term investment strategy.
This deal is also an important step in ADNOC's ongoing efforts and approach to strategic growth and investment, and it also enhances the company's role as a catalyst for responsible and sustainable investment and value creation for the UAE and Abu Dhabi.
It should be noted that this deal is based on the close relations between the UAE and the Republic of Austria, and will contribute to creating long-term value for ADNOC, Mubadala and OMV.
