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OMV Sells $2.3B Of Assets

By  |  March 12, 2020

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.

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    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.

    Full Content: Reuters

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