28 October 2009 16:51 [Source: ICIS news]
NOVA was acquired in a $2.3bn (€1.5bn) deal earlier this year by Abu Dhabi’s International Petroleum Investment Co (IPIC), which is a partner with OMV in Austria-based plastics major Borealis and also holds a direct stake in OMV.
“The ongoing strategic analysis of NOVA's business revealed that IPIC needed to provide a higher degree of involvement in NOVA's operative business than originally envisaged,” OMV spokeswoman Michaela Huber told ICIS news.
For the overall supervision of NOVA, IPIC would draw on the resources and know-how within its portfolio companies, including the Borealis joint venture between OMV and IPIC, she said.
“All parties will start in-depth discussions about how cooperation between the companies could look like,” she added.
NOVA said earlier that OMV would share control of NOVA with IPIC as part of IPIC's strategy to achieve synergies within its petrochemicals portfolio. Also, OMV and Borealis would be represented on NOVA’s board, it said.
The European Commission this week cleared an application by IPIC and OMV to share control of NOVA.
IPIC hold a 19.6% stake in OMV. Borealis is jointly controlled by IPIC (64%) and OMV (36%).
($1 = €0.68)
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