OMV increased its stake in the petrochemical group Borealis (from 36% to 75%). While in line with OMV’s strategy in Downstream, the acquisition surprised us as we believed the acquisition budget was already stretched and that deleveraging was the priority. As an offset, the group announced a €2bn divestment plan in Downstream, starting with the Gas Connect Austria as well as its filling station businesses in Germany.
12 Mar 2020
Borealis acquisition removes a safety net
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Borealis acquisition removes a safety net
OMV increased its stake in the petrochemical group Borealis (from 36% to 75%). While in line with OMV’s strategy in Downstream, the acquisition surprised us as we believed the acquisition budget was already stretched and that deleveraging was the priority. As an offset, the group announced a €2bn divestment plan in Downstream, starting with the Gas Connect Austria as well as its filling station businesses in Germany.