OMV signs agreement to increase its shareholding in Borealis to 75%
Photo: Borealis CEO Alfred Stern
photo: © Borealis
Today, Borealis’ owners OMV and Mubadala have agreed on the acquisition of an additional 39% share in Borealis by OMV for a purchase price of USD 4.68 billion. As a result, OMV will become the majority shareholder in Borealis in what is a strategic investment to grow in chemicals and accelerate the diversification of the company. Mubadala will retain a significant minority interest with a 25% shareholding. This transaction requires customary regulatory approvals and closing is expected in the fourth quarter of 2020.
“OMV's share increase to 75% is a substantial strategic investment to grow in chemicals and accelerate their diversification. We believe this shows that our owner OMV trusts in our expertise, in what we have achieved so far, and, most importantly, in our purpose and strategy going forward. We believe Borealis will benefit from OMV's high strategic interest and growth aspirations in the chemical sector as an industrial investor, as we will be able to identify synergies and then leverage these to the best of our mutual interest,” comments Alfred Stern, Borealis CEO. “We see this transaction, the greater interest of OMV and the commitment of Mubadala to remain as a significant shareholder as a great recognition of the value we have created, the work that we have done so far and of the ambitious growth journey ahead of us. Borealis will continue to provide value creation through innovation to its customers and work to keep discovering together with its suppliers and partners, independent of the changed balance of control.”