March 12, 2020 / 7:50 AM / a month ago

BRIEF-OMV Signs Agreement To Increase Its Shareholding In Borealis To 75%

March 12 (Reuters) - OMV AG:

* SIGNS AGREEMENT TO INCREASE ITS SHAREHOLDING IN BOREALIS TO 75%, REPOSITIONING IN A LOW-CARBON WORLD

* IMMEDIATELY ACCRETIVE TO EARNINGS PER SHARE

* SYNERGIES OF EUR 700 MN UNTIL END OF 2025 AS WELL AS AN ACTIVE CASH FLOW MANAGEMENT

* TRANSACTION SUPPORTED BY DIVESTMENT PROGRAM OF EUR 2 BN BY END OF 2021

* EXPECTS TO REDUCE ITS GEARING RATIO EXCLUDING LEASES TO AROUND 30% BY END OF 2021, WHILE RECONFIRMING ITS PROGRESSIVE DIVIDEND POLICY.

* IN 2020, PLANNED ORGANIC INVESTMENTS FOR OMV WILL BE CUT BY EUR 200 MN TO EUR 2.2 BN Further company coverage: (Gdansk Newsroom)

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