IPIC hikes its stake in OMV to 20.0%

IPIC-OMV-LOGOAbu Dhabi-based International Petroleum Investment Company (IPIC) is said to have increased its stake holding in Austrian fuels group OMV. The company now owns 51.5% of OMV's registered capital with the Austrian government but the mode of stake hike is yet to be confirmed.

OMV said in a press statement, "A consortium agreement concluded by OMV's two core shareholders Österreichische Industrieholding AG (ÖIAG) representing the Austrian state and IPIC provides for their co-ordinated behavior and for restrictions on shareholdings."

ÖIAG and IPIC, holding 154,550,263 shares, would be entitled to voting rights for the given shares. IPIC had acquired 13% stock in OMV in 1994 from ÖIAG and later increased its stake to 19.6% through a right issue.