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OMV: towards takeover of the chemist Borealis

( - Austrian energy group OMV announced on Thursday that it has reached an agreement with Mubadala Investment, an Abu Dhabi-based sovereign wealth fund, to take control of the chemical group Borealis.

Under the terms of the agreement, OMV - which already held a 36% stake in Borealis' capital - will pay nearly 4.7 billion dollars to acquire a further 39%, bringing its stake to 75%.

Based in Vienna, Borealis - which currently employs around 6800 people and has annual sales of over 8 billion euros. It produces polyolefins, basic chemicals and fertilisers.

In order to finance the transaction, OMV has decided to bein selling its Austrian pipeline subsidiary Gas Connect Austria and says it also plans to divest its service station network in Germany.

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