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, His Excellency 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 between the UAE and Austria, and our long-standing partership with OMV, ADNOC is delighted to be acquiring a 24.9% stake in OMV;
- As we continue to meet the growing global demand for lower carbon energy, we are fast-tracking the delivery of our growth strategy and expanding our footprint across key strategic markets and sectors;
- This milestone transaction, alongside our 25% shareholding in Borealis, is testament to our focused investment in building an integrated chemicals platform to accelerate our ambitious growth strategy that will unlock significant growth opportunities across our broader chemicals portfolio, with a particular focus on creating distinctive value for Borouge and its shareholders.
His Excellency Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said:
- Mubadala has had a longstanding relationship with our Austrian partners, and we have worked together to develop a champion in the energy sector, OMV;
- This transaction is reflective of our strategy to monetize 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.