ADNOC has completed the acquisition of a 24.9% stake in OMV, an Austrian energy and chemicals group, from Mubadala Investment Company.

The financial details of the acquisition have not been disclosed.

The deal was announced in December 2022.

With the completion of the deal, ADNOC holds a 24.9% stake, Österreichische Beteiligungs retains a 31.5% share, while the rest of the share capital is publicly traded.

ADNOC plans to nominate two representatives to the OMV supervisory board, aligning with the governance processes of OMV.

This acquisition is expected to accelerate ADNOC’s global chemicals expansion strategy.

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As per a July 2023 press statement by OMV, it owned a 75% stake in Borealis, with 25% owned by ADNOC. In Borouge, ADNOC had a 54% stake, with 36% held by Borealis.

Now, with the latest strategic investment in OMV, ADNOC stated that it has increased its shareholdings in both Borealis and Borouge.

Last week, the Financial Times reported that talks between ADNOC and OMV over the $30bn merger of their chemical businesses Borouge and Borealis, respectively, had stalled as a result of series of disagreements.

However, the latest press release issued by ADNOC states that it continues to be engaged in negotiations with OMV over a potential merger of Borouge and Borealis into a new petrochemicals holding entity.

Commenting on the latest deal, ADNOC downstream industry, marketing & trading executive director Khaled Salmeen said: “ADNOC is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership.

“Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies.

“Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for ADNOC, OMV and their respective shareholders.”