A plan to finance acquisitions by raising share capital and selling bonds has prompted investors to dump the shares of OMV, the largest central European petroleum company.
Shares of the Austrian integrated energy and chemicals group, in which Abu Dhabi's International Petroleum Investment Company (Ipic) holds a 20 per cent interest, fell more than 4 per cent in Vienna early yesterday, suggesting investors were unhappy that OMV had decided not to sell assets to meet part of its financing requirements.
Earlier, the company said it was considering selling shares or hybrid debt securities - bonds with a long repayment horizon and options to skip interest payments - as well as asset sales to finance major acquisitions in Turkey and Tunisia.
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