Mubadala Investment Company announced that it is engaged in a round of discussions in order to sell a stake of $ 4.68 billion (17.18 billion dirhams) in the Austrian company Borealis for the production of chemicals to the company OMV Austrian company specialized in oil and gas production.
According to Arabia Net, a spokesman from Mubadala’s Petroleum and Petrochemicals Department made official press statements yesterday saying: Mubadala can confirm the nature of the discussions with OMV.
He added that these discussions are consistent with our strategy to effectively manage and diversify our portfolio.
OMV issued a statement the day before yesterday stating that Mubadala plans to reduce its stake in Borealis to only 25%, by selling 39% of its stake to OMV.
OMV stated in its statement: Once completed, the potential transaction will expand the value chain of OMV in the petrochemical sector, and will allow it to consolidate its results fully.
It is noteworthy that Mubadala currently owns a 25% stake in OMV, and a 64% stake in Borealis, which in turn owns a 50% joint venture with Abu Dhabi National Oil Company, ADNOC, which is a company for the production of polyolefins.
