ADNOC has formaly completed the acquisition of a 24.9 percent stake in OMV AG, a global energy and chemicals group headquartered in Vienna, Austria. The transaction, carried out with Mubadala Investment Company, supports ADNOC’s global chemicals growth strategy and reinforces its reputation as a responsible and growth-oriented investor. The financial details of the acquisition were not disclosed.
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With the completion of the transaction, ADNOC now owns 24.9 percent of OMV, while Österreichische Beteiligungs AG (ÖBAG), an independent Austrian holding company, holds 31.5 percent. The remaining share capital is in free float.
ADNOC’s investment in OMV strengthens its position in the chemicals sector by increasing its shareholdings in Borealis AG and Borouge plc. This enhances the synergies and growth opportunities within its broader chemicals portfolio, particularly at Borouge.
In the future, ADNOC plans to nominate two representatives to the OMV Supervisory Board, following OMV’s governance processes.
Unlocking further value and growth opportunities
Khaled Salmeen, executive director of Downstream Industry, Marketing, and Trading at ADNOC, expressed pride in becoming a shareholder in OMV, highlighting the successful partnership between the two companies. He emphasized the value created through their joint venture Borouge and stated that this investment will unlock further value and growth opportunities for both ADNOC and OMV. Salmeen also mentioned that the transaction represents a transformative step in ADNOC’s chemicals growth strategy and will create significant opportunities for value creation.
Strengthening ties between the UAE and Austria
This acquisition is a significant milestone in ADNOC’s ongoing value creation and international growth journey. It further strengthens the ties between the UAE and Austria and underscores ADNOC’s role as a catalyst for responsible and sustainable investment, benefiting Abu Dhabi, the UAE, and its partners and shareholders.
ADNOC and OMV are currently in negotiations regarding the potential establishment of a new combined petrochemicals holding entity. This would involve merging their existing shareholdings in Borouge and Borealis, and discussions on this matter are still ongoing.
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