Abu Dhabi’s ADNOC acquires 24.9% stake in OMV

Abu Dhabi’s ADNOC acquires 24.9% stake in OMV

Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) announced a transaction involving OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria. Under the agreement, ADNOC will acquire a 24.9 per cent shareholding in OMV from Mubadala. Upon completion of the transaction, which is subject to certain closing conditions and regulatory approvals, ADNOC will own 24.9 per cent of OMV, Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holding 31.5 per cent, with the remaining share capital in free float. Through this investment in OMV, who hold a 75 per cent stake in Borealis, ADNOC will increase its shareholdings in both Borealis and Borouge, bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge. The transaction marks the next major milestone for ADNOC as it accelerates its ambitious domestic and international chemicals growth strategy and also aligns with Mubadala’s long-term investment strategy. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC MD and group CEO, said, “Building on the strong bilateral ties between the UAE and Austria, and our long-standing partnership with OMV, ADNOC