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OMV Selling Borealis Stake to IPIC May Postpone Share Sale

OMV AG, central Europe’s biggest oil company, may be able to postpone a potential share sale by selling its 36 percent stake in Borealis A/S to International Petroleum Investment Co.

“There’s always a possibility” that IPIC, as the Abu Dhabi state-owned company is known, may buy the stake, Borealis’s Chief Executive Officer Mark Garrett told reporters in Abu Dhabi yesterday. IPIC currently owns 64 percent of the Vienna-based provider of plastics for packaging.