2020-03-26 11:15:00
MUBADALA, OMV AGREEMENT $4.68 BLN
WAM - 12th March, 2020 -- Mubadala Investment Company and OMV - the international integrated oil and gas company headquartered in Vienna - on Thursday signed an agreement that will give OMV a majority stake in Borealis, one of Europe's leading petrochemical companies. OMV, which currently owns a 36 percent stake in Borealis, will acquire an additional 39 percent from Mubadala.
The overall transaction value amounts to US$4.68 billion. It represents the biggest acquisition in OMV's history and the largest transaction ever for Mubadala. Following completion, OMV will hold a 75 percent interest in Borealis and Mubadala will retain a 25 percent interest. The transaction is expected to close in Q4 2020 and is subject to regulatory approvals.
Khaldoon Al Mubarak, Managing Director and Group CEO of Mubadala, said, "Today marks the culmination of several months of discussions between OMV and Mubadala. We have signed a landmark, multi-billion dollar deal, the largest single transaction in both Mubadala and OMV's history. It is also fully aligned with our long-term strategy as a company."
In turn, Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals of Mubadala, commented, "We are pleased to have reached agreement with our longstanding partner, OMV. For Mubadala, the decision is consistent with our strategy of actively managing our portfolio, and taking opportunities to realise value when conditions are right.
"We remain very confident in Borealis as a leading company in its sector. We will continue to hold a significant interest in the company, through the direct 25 percent interest that we will retain, along with our existing 24.9 percent shareholding in OMV. As a significant shareholder in OMV, we recognise the strong strategic fit and the complementary nature of Borealis's business in expanding its downstream position."
For his part, Rainer Seele, Chairman of the OMV Executive Board and CEO, said, "This transaction is not just another milestone in the implementation of our strategy, but the biggest transformation in OMV's history. This turns the company OMV into an internationally important oil, gas and chemicals group, whose integrated business model extends from well to high-quality plastic along an extended value chain and repositions the Group for a low carbon future."
With its head office in Vienna, Austria, Borealis currently has more than 6,800 employees and operates in over 120 countries. The company provides services and products to customers globally, both directly and in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company, ADNOC, and with Baystar, a joint venture with Total in Texas, USA.
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Earlier:
2020, March, 9, 14:45:00
GAZPROM, OMV NEGOTIATIONS
Gazprom, OMV have agreed, inter alia, to extend until June 2022 the negotiations for the final agreement on the deal.
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2020, February, 19, 11:40:00
U.S. ANNOYED: NORD STREAM 2
While Gazprom has said it’s looking at options to complete the pipeline, it hasn’t given any details on where it will find the ship to do the work. One of the pipeline’s financial backers, Austrian gas and oil company OMV AG, has predicted that the Russians will follow through.
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2019, July, 31, 13:30:00
MUBADALA ASSETS $229 BLN
Abu Dhabi sovereign wealth fund Mubadala saw a jump in its assets under management in 2018, reaching $229bn, up from $127.7bn the previous year.
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2019, June, 11, 10:00:00
GAZPROM, OMV DEAL $1 BLN
The document sets the price of the deal during which OMV will obtain a 24.98 per cent stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field at EUR 905 million (USD 1.02 billion at the cross rate of the Central Bank of the Russian Federation as of June 7, 2019). The parties plan to enter into the final agreement on the deal before the end of 2019.
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2018, September, 10, 12:30:00
MUBADALA PETROLEUM IN RUSSIA
MEOG - Mubadala Petroleum, Gazprom Neft and the Russian Direct Investment Fund (RDIF, the Russian Federation's sovereign wealth fund) announced the establishment of a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia.
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Earlier:
2020, March, 24, 14:30:00
OIL PRICE: NEAR $28
Brent was up by $1.38 a barrel, or 5.1%, to $28.41, WTI gained $1.54, or 6.6%, to $24.90.
2020, March, 24, 14:20:00
U.S., SAUDI ARABIA #SANCTIONS
nine Republican senators asked the Department of Commerce to launch an anti-dumping case against Saudi Arabia following its price war with Russia.
2020, March, 23, 13:50:00
OIL PRICE: NEAR $26
Brent fell 65 cents, or 2.4%, to $26.33 a barrel, WTI were up 29 cents, or 1.3%, at $22.92 a barrel,
2020, March, 23, 13:45:00
#OilPriceWar VICTIM
US oil producers are likely to be a victim of the oil-price war,
2020, March, 23, 13:35:00
ARAMCO'S OBLIGATIONS 12 MBD
Aramco has pledged to supply 12.3 million b/d of crude in April and May
