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With its 24.9% stake in OMV, ADNOC will thus become the second largest shareholder after ÖBAG which holds 31.5%. “Subject to regulatory approval, Adnoc will become a long-term strategic partner in all OMV business areas,” ÖBAG wrote in its statement. It added that ÖBAG’s aim remains to ensure the long-term growth of OMV’s value and to protect the interests of the site.
OMV itself declined to comment on the matter when asked by APA. The reason is that it involves ownership structures. For now, as APA reports, the Treasury Department has not issued a statement on short notice.
Khaldoon Khalifa Al Mubarak, Chief Executive Officer of Mubadala, said: “Mubadala has a longstanding relationship with our Austrian partners and together we have worked hard to develop OMV, a champion in the energy sector. This transaction reflects our commitment to the right Valuation and at the right time.”
The step would also strengthen the chemicals sector of ADNOC, one of the world’s largest oil producers, he said. Just this spring, ADNOC and Mubadala agreed that ADNOC would acquire a 25% stake in petrochemical group Borealis, in which OMV holds a 75% stake.
“The transaction represents the next major milestone in ADNOC’s strategy to accelerate its ambitious growth in the domestic and international chemicals industry and is in line with Mubadala’s long-term investment strategy,” the company said.
ADNOC, one of the largest oil producers in the world, expects its investment to increase and accelerate its business in chemicals and create synergies across its chemicals portfolio.
ADNOC CEO and UAE Minister of Industry and Advanced Technology Sultan Al Jaber said the company’s “targeted investment” was about “building an integrated chemicals platform to accelerate its growth strategy”. A statement repeatedly mentioned that ADNOC’s stakes in Borealis and Borouge were boosted by OMV’s investment.
“Based on the strong bilateral relationship between the UAE and Austria and our long-standing partnership with OMV, ADNOC is pleased to acquire a 24.9% stake in OMV,” said Al Jaber. “The transaction reinforces the strong bilateral relationship between the UAE and Austria and creates value for all stakeholders,” the statement added.
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