ADNOC has acquired a 24.9% stake in Austria-headquartered OMV AG (OMV) from Mubadala Investment Company, in a bid to accelerate its global chemicals growth strategy
With the acquisition, ADNOC has increased its shareholdings in both Borealis AG (Borealis) and Borouge plc (Borouge), further strengthening its footprint in the chemicals sector.
Khaled Salmeen, executive director, Downstream Industry, Marketing & Trading at ADNOC said, “ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders.”
ADNOC and OMV are considering a potential merger of Borouge and Borealis.
