The conclusion of the successful talks between ÖBAG and Mubadala will extend the partnership between Austria and Abu Dhabi that has existed since 1994
Syndicate agreement between OEBAG and Mubadala extended for the next 10 years. (Credit: Pete Linforth from Pixabay)
The two largest core shareholders of the Austrian energy group OMV Aktiengesellschaft (OMV), Österreichische Beteiligungs AG (ÖBAG) and Mubadala Petroleum and Petrochemicals Holding LLC (a fully owned subsidiary of Mubadala Investment Company (Mubadala) have announced the extension of their close cooperation for further 10 years to continue and strengthen their support of OMV.
The agreement was signed by Thomas Schmid, CEO ÖBAG, and Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala, in a virtual event on 23 July, 2020. The conclusion of the successful talks between ÖBAG and Mubadala will extend the partnership between Austria and Abu Dhabi that has existed since 1994.
The enhancement of the cooperation between the two major shareholders represented by this agreement strengthens OMV’s investor base and will support the company during a period of transformation as it evolves to meet the challenges of the energy transition and circular economy.
Thomas Schmid, CEO of ÖBAG said: “The success of the cooperation to date is reflected in the development of OMV as one of the most successful Austrian companies with global significance. In times of crisis, stable shareholding structures are crucial for global companies like OMV. The prolongation of this cooperation is therefore a great success for Austria as a business location”.
Musabbeh Al Kaabi said: “We are pleased to be continuing our strong alignment and commitment to OMV. The company remains a strong and important part of our portfolio. Our aligned support will be important for the business as it positions itself for success in a rapidly evolving energy sector and generates value for all shareholders.”
Stable ownership structure until 2030
With a syndicate agreement between Abu Dhabi and Austria concluded 26 years ago, a successful cooperation was agreed upon which has made a significant contribution to OMV’s successful development in the past years.
Thomas Schmid, CEO of ÖBAG said: “By extending the cooperation between OeBAG and Mubadala, we are creating stable ownership structures at OMV until at least 2030. This is crucial for the long-term value creation of our stake in this key Austrian company. At the same time, both partners commit themselves to an even stronger focus on independence and expertise in the OMV Supervisory Board. And finally,, we are strengthening the dialogue between the stakeholders. This will enable us to continue OMV’s successful path on the Austrian capital market.”
Source: Company Press Release