OMV AG in talks to buy 39% stake in Borealis from Mubadala for $4.68 bn

Austria’s OMV AG is in talks to buy a $4.68 billion stake in Borealis AG, a potentially record-breaking acquisition that would shift the state-controlled energy company’s focus to petrochemicals.

Taking over the maker of polyolefins, base chemicals, and fertilizer would accelerate Chief Executive Office Rainer Seele’s move toward higher-value, lower-emission oil products. That rebalancing could be further amplified if OMV helps fund the purchase by selling some upstream oil assets or gas pipelines.

OMV may buy a 39% stake in the affiliate from Abu Dhabi’s Mubadala Investment Co., it said in a statement late Friday. That would increase its holding