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UAE’s Adnoc acquires 24.9% stake in Austrian chemicals group

Adnoc Logistics & Services' offering is expected to open on May 16

State oil major Abu Dhabi National Oil Company (Adnoc) will acquire a 24.9 percent stake in Austria-based global energy and chemicals group OMV AG (OMV) from Mubadala Investment Company (Mubadala).

The transaction will increase Adnoc’s shareholdings in both Borealis and Borouge, expanding its footprint in the chemicals sector.

OMV holds a 75 percent stake in Borealis, the oil major said in a statement.

Financial details of the transaction were not disclosed.

Upon completion of the transaction, subject to certain closing conditions and regulatory approvals, Adnoc will own 24.9 percent of OMV, while Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holds 31.5 percent. The remaining share capital is a free float.

Khaldoon Khalifa Al Mubarak, managing director and group CEO, Mubadala, said: “This transaction is reflective of our strategy to monetise assets at the right valuation and at the right time.

“2022 has been a year of increased activity and strategic investment across Mubadala, in sectors and geographies all over the world. We will continue to partner with best-in-class entities as we diversify our investment base and expand our growth trajectory,” he added.