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OMV AG — M&A Activity 1998
Aug 3, 1998
751_rns_1998-08-03_dca01fc4-8c99-48ce-9ec7-4ec55c81275d.html
M&A Activity
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Ad-hoc | 3 August 1998 17:49
Ad hoc-Service: OMV AG borealis
—————————————————————— Ad hoc-Service: OMV AG borealis Ad hoc-announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. —————————————————————————— Monday, 3 August 1998 For immediate release Closing of deal between OMV and Borealis OMV today announces that the EU authorities have approved the acquisition of the 50% stake in Borealis by a holding company formed by OMV and International Petroleum Investment Company (IPIC) together with the sale of PCD Polymere AG, a wholly owned subsidiary of OMV Aktiengesellschaft, to Borealis on Friday July 24, 1998. As a consequence, OMV and IPIC each hold a 25% share of Borealis through the holding company. The closing of this transaction took place in Zurich today. This deal has enabled OMV and Borealis to successfully achieve the strategic objectives: Borealis has enhanced its leading position in Europe and become the fourthlargest PO-producer worldwide. OMV will, in addition to its investment in Borealis, further develop its petrochemical activities for the longer term. For further information, please contact: OMV: Brigitte H. Juen, Investor Relations Tel. 00 431 40440 1622; e-mail: [email protected] Hermann Michelitsch, Press Office Tel. 00 431 40440 1660; e-mail: [email protected] Ludgate Communications: Carolyn St Aubyn, London, Tel: 0044 171 253 2252 Erin Burke, New York, Tel: 001 212 688 5144 Internet home page: http://www.omv.com End of Message