OMV is entitled to all dividends distributed after December 31, 2019
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, recently completed the transaction for Vienna-based oil and gas company OMV to acquire for US$ 4.68bn an additional 39 per cent stake in Borealis, a leading global chemicals company, from Mubadala.
Following the initial agreement announced in March this year, the transaction was completed in line with the expected timeline and in accordance with all regulatory requirements, the two companies said in a statement.
The Austrian oil major OMV now holds a 75 per cent interest in Borealis and the UAE wealth fund retains a 25 per cent interest in the company.
As per the deal, OMV is entitled to all dividends in relation to the additional shares in Borealis distributed after December 31, 2019. “OMV will fully consolidate the results of Borealis in its financial statements,” a press statement read.
“Both OMV and Borealis are champions of the Mubadala portfolio, and this decision is consistent with our asset management model and our commitment to partner with like-minded players,” remarked Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company
The Abu Dhabi-based state fund Mubadala’s US$ 232bn portfolio spans six continents with interests in multiple sectors and asset classes.
“We are thus establishing an integrated and sustainable business model extending OMV’s value chain towards higher value chemical products and recycling, thereby repositioning the Group for a lower carbon future,” commented Rainer Seele, Chairman & CEO, OMV.
