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FINANCIAL NEWS
UAE- IPIC will not up stake in Austria’s OMV
27 Jul 2012
(MENAFN) Austrian energy group OMV’s chief executive, Gerhard Roiss, refuted recent reports claiming that Abu Dhabi’s International Petroleum Investment Co (IPIC) will increase its stake in OMV, reported Arabian Business.
Roiss said that at this stage, IPIC will not boost its 24.9-percent stake the Austrian company and there are no negotiations between the two parties to do so.
Non-European investors must gain an advance approval from Austrian authorities to raise stakes in strategic groups to more than 25 percent, and in February, the Austrian government rejected IPIC’s request to boost its OMV stake to at least 25 percent.
It is worth noting that IPIC is an Abu Dhabi state-owned fund.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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