OMV increases stake in Borealis

OMV, the international integrated gas and oil company headquartered in Vienna, Austria, and Mubadala Investment Company, the Abu Dhabi-based strategic investment company, have signed an agreement that will give OMV a controlling stake in Borealis, one of Europe’s leading petrochemical companies. OMV, which currently owns a 36% stake in Borealis, will acquire an additional 39% from Mubadala, increasing its stake to 75%. Mubadala will retain a 25% interest. The closing of the transaction is expected by the end of 2020 and is subject to regulatory approvals.