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HomeOil and GasADNOC Completes Acquisition of 24.9% Stake in Austria's OMV

ADNOC Completes Acquisition of 24.9% Stake in Austria’s OMV

2/29/2024

(Reuters) — Abu Dhabi National Oil Company (ADNOC) said on Thursday it formally closed the acquisition of a 24.9% stake in Austria’s Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.

The financial terms of the deal were not disclosed.

“The transaction accelerates delivery of ADNOC’s global chemicals growth strategy and reinforces its status as a responsible, long-term partner and growth-oriented investor,” ADNOC said in a statement.

The state energy firm said through the deal it has increased its shareholdings in both petrochemicals group Borealis and Abu Dhabi-listed Borouge, without disclosing the ownership ratios.

Last July, ADNOC entered into talks to merge petrochemicals group Borealis – owned by OMV and ADNOC – and Abu Dhabi-listed Borouge, owned by ADNOC and Borealis.

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