Austrian oil and gas group OMV plans to sell $2.3 billion of assets by the end of next year to help fund a $4.7 billion deal to make it the majority owner of plastics maker Borealis and one of the world’s leading polymer producers.
OMV signed on Thursday the previously announced deal with Abu Dhabi state investor Mubadala that will see it increase its stake in Borealis to 75% from 36%.
“This transaction is not just another milestone in the implementation of our strategy, but the biggest transformation in OMV’s history,” said Chief Executive Rainer Seele.
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