Austria's OMV to spend up to 4.5 B euros on Borealis stake
Austrian oil company OMV is preparing to increase its stake in plastics maker Borealis to 75% in a deal worth between 4 B and 4.5 B euros ($4.5 billion to $5.1 billion), Der Standard newspaper reported on Friday.
OMV already owns 36% of the company, with the remainder held by Abu Dhabi state investor Mubadala.
An OMV spokesman declined to comment.
The deal would involve OMV buying a 39% stake, the newspaper said without identifying sources, adding the transaction is on the agenda for a supervisory board meeting on Wednesday that would have to sign off the purchase.
The Austrian company has been shifting the focus of its refinery division to aviation fuel and petrochemicals, banking on an increasing appetite for air travel and plastic products. It has also made expanding in the Middle East a priority.
OMV is also planning some asset sales but it has not decided what to sell yet, Der Standard said.
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