Abu Dhabi’s International Petroleum Investment Company (IPIC) agreed to share ownership of its Nova Chemicals unit with the Austrian petroleum company OMV, deepening its long-standing relationship with the European firm in which it holds a 19.6 per cent stake.
Under an agreement struck about a month ago, Borealis, an IPIC-OMV chemicals joint venture based in Vienna, would acquire 24.9 per cent of Nova from IPIC. The deal received regulatory clearance from the European Commission last week.
“IPIC is currently reviewing synergies between us and its other portfolio companies with the objective of creating a new global polyolefins leader,” Nova said earlier this month. “In this context, IPIC and OMV have decided to share control of us similar to their successful joint ownership and control arrangements for Borealis.”
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