OMV Owners Demand Change as Borealis Deal Brings Power Struggle
- CEO Rainer Seele already faces oversight from new chairman
- Investors want to replace some members of supervisory board
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OMV AG anchor investors are seeking further changes to its supervisory board to strengthen oversight of Chief Executive Officer Rainer Seele’s transformation plan, people familiar with the matter said.
A dispute about oversight and governance after OMV’s $4.7 billion purchase of chemicals producer Borealis AG has already triggered the ouster of the long-time Chairman Wolfgang Berndt. But the changes haven’t gone far enough to resolve the concerns of the company’s top shareholders, the Austrian government and Abu Dhabi’s Mubadala Investment Co., the people said, asking not to be identified as the matter is private.