The Abu Dhabi National Oil Company (Adnoc) announced the successful completion of its acquisition of a 24.9% stake in OMV AG, a global energy and chemicals company headquartered in Vienna, Austria. The acquisition, finalized on February 29, 2024, was purchased from Mubadala Investment Company, a sovereign wealth fund based in the United Arab Emirates.
This strategic move aligns with Adnoc's ambitions to expand its footprint in the global chemicals sector. The acquisition strengthens Adnoc's existing partnerships with Borealis AG and Borouge plc, both of which are partially owned by OMV. This investment is expected to unlock significant growth opportunities and generate synergies across Adnoc's broader chemicals portfolio, particularly at Borouge.
Financial details of the transaction were not disclosed. Following the acquisition, Adnoc now holds the second-largest shareholder position in OMV, behind Österreichische Beteiligungs AG (ÖBAG), an Austrian state holding company, which owns 31.5% of the shares. The remaining shares are publicly traded.
The acquisition is expected to benefit both companies by fostering collaboration and knowledge sharing in areas like technology, sustainability, and market development. Adnoc's expertise in upstream operations and OMV's experience in downstream activities present opportunities for mutually beneficial partnerships across the energy value chain.
This move by Adnoc underscores the company's commitment to diversifying its business portfolio and strengthening its position as a global energy and chemicals leader. The acquisition is expected to contribute to Adnoc's long-term growth strategy and create value for its stakeholders.
