March 12, 2020 / 8:15 AM / 25 days ago

OMV to shed assets worth 2 bln eur to finance Borealis buy

VIENNA, March 12 (Reuters) - Austria’s oil and gas group OMV said on Thursday it plans to sell assets worth $2.3 billion until the end of next year to fund its $4.7 billion Borealis stake buy.

OMV on Thursday signed the previously announced deal with Abu Dhabi state investor Mubadala that saw it increase its stake in the plastics maker to 75%.

A first divestment could be the sale of OMV’s 51% stake in gas pipeline operator Gas Connect Austria to hydropower specialist Verbund. Austria’s largest utility said on Thursday it was in exclusive negotiations with OMV regarding the potential acquisition.

OMV also plans to postpone or re-evaluate projects, cut planned investments for this year and realise synergies of 700 million euros until the end of 2025, it said.

$1 = 0.8841 euros Reporting by Kirsti Knolle; editing by Thomas Seythal

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