International Petroleum Investment Co.’s current request to increase its stake in OMV AG to more than 25 percent doesn’t require approval from the Austrian Ministry of Economy, according to ministry spokeswoman Waltraud Kaserer.
IPIC, an investment company owned by Abu Dhabi, already holds 24.9 percent of OMV. The request to increase its stake to at least 25 percent was cleared by the Austrian Federal Antitrust Watchdog last month. Additionally, Austria in November amended a law limiting ownership of infrastructure companies by non-Europeans, thus making it necessary for IPIC to also submit a request to the Economy Ministry.
IPIC’s request may be in connection with a buyback program, which would increase IPIC’s stake over 25 percent should it be enacted, according to Austria Press Agency. IPIC would need to submit a new request, if it wants to increase its stake actively, APA said.
(Bloomberg)
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IPIC’s request to increase OMV stake doesn’t require approval
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