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OMV $16.6bn buyout of Verbund
- United Arab Emirates: Wednesday, May 10 - 2006 at 15:23
Austrian oil major OMV has agreed to buy Verbund, the country's electricity provider, in a deal valued at $16.6bn, according to news reports. OMV will buyout the government's 51% stake for new shares and convertible bonds. IPIC, Abu Dhabi's overseas oil investment arm, has held almost 20% of OMV since the early 1990s and will continue to be a major shareholder in the new energy group.
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James McInerney, News EditorWednesday, May 10 - 2006 at 15:23 UAE local time (GMT+4)
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This article was updated on Tue Nov 21 2006.
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