Sector News

OMV and Mubadala complete Borealis transaction for $4.68bn

November 1, 2020
Chemical Value Chain

Integrated oil and gas company OMV has completed a transaction with Abu Dhabi-based strategic investment company Mubadala to acquire an additional 39% stake in global chemical company Borealis.

The agreement was initially signed in March this year. It has been completed as per the expected deadline and in accordance with all regulatory requirements. The deal is valued at $4.68bn.

With the completion of this deal, OMV now holds a 75% interest in Borealis while Mubadala retains the remaining 25% interest in the company.

OMV executive board chairman and CEO Rainer Seele said: “This transaction is another milestone in the implementation of our strategy. 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.”

Currently, Borealis operates across 120 countries and has more than 6,800 employees.

Mubadala Investment Company Petroleum & Petrochemicals CEO Musabbeh Al Kaabi said: “This transaction is well-aligned with our strategy as a responsible investor and we are confident in the value this partnership will create for all three companies.

“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.”

In July last year, OMV said it will invest €64m in the construction of an ISO C4 plant at the Burghausen refinery in Germany.

By Chemicals-Technology.com

Source: Chemicals-Technology.com

comments closed

Related News

October 2, 2022

Trinseo announces potential closure of Boehlen, Germany Styrene Plant

Chemical Value Chain

Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.

October 2, 2022

Celeste Mastin appointed H.B. Fuller President and CEO, succeeding Jim Owens upon his retirement

Chemical Value Chain

H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.

October 2, 2022

LyondellBasell realigns executive team, forms circular and low-carbon solutions business

Chemical Value Chain

New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.