Ipic plan to raise OMV stake cleared
Vienna, January 3, 2012
Austria's competition watchdog has cleared Abu Dhabi sovereign wealth fund Ipic's plan to raise its stake in energy group OMV to at least 25 per cent, the agency said on Tuesday.
Ipic had informed the Austrian Competition Authority last month of its plan. Parties potentially affected by the move had until Jan. 2 to comment.
'We did not issue a review application yesterday so it has been cleared,' a spokesman for the agency said.
The approval covers potential cartel concerns. Under Austrian law, Ipic as a non-European investor would still need government approval to increase its OMV stake.
Ipic had already raised its stake in OMV to 24.9 per cent in October, calling the Vienna-based group a 'cornerstone' of its portfolio. Austrian state holding company OeIAG holds a 31.5 stake in OMV and coordinates with Ipic any changes in stakes.
OMV declined comment.
Its shares edged up 0.1 per cent to 24.05 euros by 0930 GMT, while Austria's blue-chip ATX index gained 0.4 per cent. – Reuters
More Energy, Oil & Gas Stories
- Topaz Energy unit posts 22pc revenue growth
- Top oil & gas show opens in Dubai
- Coal 'no solution to Egypt's energy woes'
- 300 oil and gas firms to showcase products at Dubai event
- Iranian oil import surges to one-year high
- Egypt will get oil aid from Arab states
- New technology for Bahrain's gas industry to save $300m
- Innovations key focus at Geoscience expo
- Iran seals gas export deal with Oman
- Total unit inks Elf Lubricants agreement
- Opec raises forecast for 2014 global oil demand
- Mitsui joins DME as trading member
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit