Deals
OMV Evaluates $4.68 Billion Borealis Petrochemicals Deal
- Purchase from Mubadala would raise OMV’s stake to 75%
- Biggest acquisition could transform Austrian energy group
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Austria’s OMV AG is in talks to buy a $4.68 billion stake in Borealis AG, a potentially record-breaking acquisition that would shift the state-controlled energy company’s focus to petrochemicals.
Taking over the maker of polyolefins, base chemicals, and fertilizer would accelerate Chief Executive Office Rainer Seele’s move toward higher-value, lower-emission oil products. That rebalancing could be further amplified if OMV helps fund the purchase by selling some upstream oil assets or gas pipelines.