Borealis shareholder OMV signals interest in raising stake
OMV, an Austrian oil and chemicals group, will consider increasing its 36% stake in polyolefin, base chemicals and fertiliser specialist Borealis, Trend reported.
The German-language magazine quoted Rainer Seele, the chief executive of OMV, as saying that he would rather increase the stake in Borealis than lower it. Seele is also a member of the Borealis supervisory board.
The magazine pointed out that Borealis expects to generate a profit of more than EUR 1bn this year and suggested that this record result could trigger “covetousness” among the Borealis shareholders, who have not always seen eye to eye in the past. The remaining 64% stake in Borealis is currently owned by IPIC, a state-owned investment group in Abu Dhabi.
The original article was published in this week’s print edition of Trend on pages 22 and 23 (“Trend Wirtschaft - Oesterreich” section).