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OMV to sell $2.3 billion of assets to buy Borealis

Christian Fernsby |
OMV plans to sell $2.3 billion of assets by the end of next year to help fund a $4.7 billion deal to make it the majority owner of plastics maker Borealis.

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Topics: OMV    BOREALIS   

OMV signed on Thursday the previously announced deal with Abu Dhabi state investor Mubadala that will see it increase its stake in Borealis to 75% from 36%.

“This transaction is not just another milestone in the implementation of our strategy, but the biggest transformation in OMV’s history,” said Chief Executive Rainer Seele.

“This turns OMV into a global oil, gas and chemicals group, whose integrated business model extends from the wellhead to high-quality plastic and repositions the group for a low carbon future.”

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