ÖMV plans to deprive part of its assets to increase its shareholding in Borealis
This company is a big Austrian plastic maker and one of the world’s largest producer of polyethylene.
ÖMV plans to sell $2.3 billion of assets and then invest $4.68 billion to Borealis. OMV will use the earned money to purchase majority share in the plastic maker.
The Austrian oil and gas company already holds 36% share in Borealis, the remaining share is owned by state investor Mubadala based in Abu Dhabi. Both companies agreed that ÖMV will increase its shares to 75%.
“This acquisition is not only another milestone in the implementation of our strategy, but it represents the biggest transformation in OMV’s history,” said Chief Executive Rainer Seele, CEO of ÖMV said. According to Seele, ÖMV will now become the largest oil and gas processor and an important player in chemical industry.
A first divestment could be sale of 51% stake in Gas Connect Austria transiting natural gas. Furthermore, ÖMV aims to sell 287 gas stations operating in Germany, some located in Bavaria and Baden-Württemberg are to be sold first.
