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  • 01-11-20

    UAE: Mubadala makes USD4.68b investment

    (MENAFN) The strategic investment firm, Mubadala Investment Company, which is based in Abu Dhabi, has approved an agreement on Thursday, October 27th, to vend a 39 percent share in Borealis to OMV, an oil and gas firm that is established in Vienna.

    OMV currently posses a 75 percent yield in Borealis while Mubadala keeps hold of a 25 percent interest in the global chemical firm.

    The transaction cost will reach USD4.68 billion making it the biggest acquirement in OMV's history and the largest transaction ever for Mubadala.

    Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala Investment Company, declared that: "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."

    Rainer Seele, chairman and CEO of OMV, commented as well: "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."

    MENAFN0111202000450000ID1101050279

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