ABU DHABI/VIENNA: Mubadala Investment Company, the Abu Dhabi-based strategic investment company, and OMV, the international integrated oil, and gas company headquartered in Vienna completed the transaction for OMV to acquire 39 percent additional stake in Borealis, a leading, global chemical company, from Mubadala.
The initial agreement was announced in March this year. The transaction was completed in accordance with all the regulatory requirements. OMV now holds a 75 percent interest in Borealis and Mubadala retains a 25 percent interest in the company.
In 2019, Borealis generated worldwide total sales of EUR 9.8 bn and a net profit of EUR 872 mn. All dividends in relation to the additional shares in Borealis distributed after December 31, 2019, are entitled to OMV.
Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company, said that this decision is consistent with the asset management model of Borealis and our commitment to our partners.
Rainer Seele, Chairman of the OMV Executive Board and CEO, said that an integrated and sustainable business model extending OMV’s value chain towards higher-value chemical products and recycling is being established. This will reposition the Group for a lower-carbon future.
Borealis currently has over 6,800 employees and operates in over 120 countries with head office in Vienna, Austra. The company has joint ventures with the Abu Dhabi National Oil Company, ADNOC; Baystar; and Total in Texas, USA.
OMV and Borealis are the number 1 producer of ethylene and propylene in Europe and one of the top 10 polyolefin producers worldwide because of joint production. OMV and Borealis will jointly expand their know-how and activities in the field of a circular economy.
Source: WAM
