ADNOC acquires 24.9% stake in OMV

ADNOC acquires 24.9% stake in OMV

ABU DHABI, 21st December, 2022 (WAM) – Abu Dhabi National Oil Company (ADNOC) and Mubadala Investment Company (Mubadala) today 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% shareholding in OMV from Mubadala. Financial details of the transaction are not being disclosed.

Upon completion of the transaction, which is subject to certain closing conditions and regulatory approvals, ADNOC will own 24.9% of OMV, Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holding 31.5%, with the remaining share capital in free float. Through this investment in OMV, who hold a 75% 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.

Commenting on the transaction, Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, “Building on the strong bilateral ties