Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) intends to acquire a 24.9% stake in the Austrian energy and chemicals group “OMV” (OMV).
The market value of the stake is around 3.8 billion euros ($4 billion), according to Bloomberg.
The stake is owned by Mubadala Investment Company, one of the sovereign funds of the Abu Dhabi government, according to a statement issued today, Wednesday, that did not disclose the value of the deal.
The ownership of ADNOC will increase in the companies “Borealis” and “Borouge”, where “OMV” owns 75% of the shares of the first.
And financial analyst Muhammad Adel stated, “The stake is estimated at 81.5 million shares, and Mubadala may earn about 2.7 billion euros (about 2.9 billion dollars) from selling it, given that the average cost of buying a share is about 12.9 euros, while its current price in the market is about 46.8.” euros upon the announcement of the deal.
OMV will become a 24.9% owned company by ADNOC and 31.5% by OBAG, an independent Austrian holding company, while the rest of the ownership stakes are listed in the money markets.
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