06 December 2011 20:20 [Source: ICIS news]
LONDON (ICIS)--Abu Dhabi’s International Petroleum Investment Company (IPIC) plans to raise its stake in Austria’s oil and petrochemicals major OMV to “at least 25%”, Austria’s competition authority said on Tuesday.
IPIC currently holds 24.9% of OMV. A stake of 25% or more would give the ?xml:namespace>
The authority, the Bundeswettbewerbsbehorde, said it received notice from IPIC about the planned increase in the OMV stake. The notice constitutes an “announcement of planned business combination” (Zusammenschussbekanntmachung) under
That law will give
In addition to its stake in OMV, IPIC portfolio companies include, among others, Canada’s NOVA Chemicals and Spain’s energy and petrochemicals firm CEPSA, as well as a stake in Austria-based petrochemicals and plastics firm Borealis, which is partly owned by OMV.In related news, OMV said on Tuesday it is looking for buyers for its retail and commercial businesses in
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