Home Business Abu Dhabi’s ADNOC to acquire 24.9% stake in Austria’s OMV from Mubadala – statement

Abu Dhabi’s ADNOC to acquire 24.9% stake in Austria’s OMV from Mubadala – statement

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DUBAI — Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% shareholding in Austrian oil and gas group OMV from Abu Dhabi state fund Mubadala Investment Company, the two companies said on Wednesday.

Upon closing of the transaction, ADNOC will increase its shareholders in both European petrochemical maker Borealis and Abu Dhabi-listed petrochemicals firm Borouge, the two companies said in a regulatory filing.

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Reuters earlier on Wednesday reported that the two Abu Dhabi government-related entities have reached an agreement on the transaction which had been in discussion in recent weeks, citing two sources familiar with the matter.

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Mubadala’s stake in OMV is valued at around $4.1 billion, according to data from Refinitiv.

The transaction, which is subject to regulatory approvals, “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,” the statement said.

The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors including blue hydrogen and carbon capture, and as Abu Dhabi’s ADNOC looks to increase its presence internationally through mergers and acquisitions.

ADNOC in April this year agreed to acquire a 25% stake from Mubadala in European petrochemical maker Borealis, which is 75% owned by OMV.

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“This milestone transaction 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,” ADNOC’s chief executive Sultan Ahmed al-Jaber was quoted as saying.

Chief Executive Sultan al-Jaber has been the main architect of a transformation strategy the company embarked on more than four years ago, monetising assets such as the listings of Borouge, fertilizers and clean ammonia products maker Fertiglobe and ADNOC Drilling. (Reporting by Hadeel Al Sayegh; Editing by Muralikumar Anantharaman and Christopher Cushing)

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