April 12 (Bloomberg) -- International Petroleum Investment Co., an investment company owned by Abu Dhabi, may buy the remaining 36 percent in Borealis A/S from Austria’s OMV AG.
“There’s always a possibility of that,” Chief Executive Mark Garrett told reporters today at an event in Abu Dhabi when asked whether IPIC, holder of 64 percent, planned to acquire the rest of the plastics maker.
“There currently are no talks in this direction,” Michaela Huber, a spokeswoman for OMV in Vienna, said by phone. IPIC Managing Director Khadem Al Qubaisi didn’t answer a call and text message to his mobile phone seeking comment.
OMV’s 36 percent stake may be valued at about 1 billion euros ($1.5 billion), according to Philipp Chladek, an analyst a Raiffeisen Centrobank AG in Vienna. Chladek rates OMV a “buy.”
Borealis is focused on Europe for acquisitions in companies specializing in ammonia, urea, ethylene, and propylene, said Garrett, adding there haven’t been advanced talks yet. “We will fund acquisitions from existing cash,” he said.
The long-term aim of Borealis is an initial public offering, OMV Chief Executive Officer Gerhard Roiss told reporters on March 31, adding that nothing concrete was being planned.
IPIC holds a 20 percent stake in OMV, central Europe’s biggest oil company. The stake is held in a voting consortium with Austria, which owns 32 percent of OMV.
To contact the reporter on this story: Tamara Walid in Abu Dhabi at firstname.lastname@example.org
To contact the editor responsible for this story: Benedikt Kammel at email@example.com