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OMV’s Biggest Shareholder Says Review May See Change of Strategy

OMV AG, central Europe’s biggest oil and gas producer, may see changes to its management and strategy after a review started in the first quarter, according to its biggest shareholder, Austrian government agency OeIAG.

“The international oil and gas market is changing massively in a way that puts fundamental doubts over the rules of the market that prevailed so far,” OeIAG Chief Executive Officer Rudolf Kemler, who is also OMV’s supervisory board chairman, said in an e-mailed statement today. “Acting too late or not at all isn’t an option. We have to align the company quickly and forcefully.”