Austria’s OMV has agreed to pay $4.68bn to buy an additional 39% of the Abu Dhabi-based Borealis petrochemicals JV from partner Mubadala in a deal that values Borealis at exactly $12bn.

The deal will thus boost OMV’s Borealis stake from 36% to 75%, whilst cutting that of Abu Dhabi investment vehicle Mubadala from 64% to 25%. That said, Mubadala also holds 24.9% of OMV: taking that into account Mubadala’s post-deal Borealis stake will be 44%. (CONTINUED - 768 WORDS)