Austria: IPIC Increases OMV Stake to 24.9%
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Monday, 24 October 2011 |
Abu Dhabi’s International Petroleum Investment Company (IPIC) has increased its stake in European fuel retailer OMB to 24.9%. The fund spent $436m to increase its holding in the energy group, which has retail businesses across central Europe along with exploration assets, by 4.5%.
IPIC owns its OMV shares in syndicate with the Austrian Government and, according to state assets agency OeIAG, its decision to raise its holding does not affect existing agreements. OeIAG currently owns 31.5% of OMV.
The group recently announced plans to divest refining and marketing assets by 2014, and will focus on its exploration business in the future.
PetrolWorld 24102011
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