OMV Group, Austrian oil and gas group, completed the acquisition of 39% stake in Borealis, a global polymer producer, from Mubadala, a sovereign investor managing a global portfolio, for $4.7bn. OMV now holds a 75% interest in Borealis and Mubadala retains a 25% interest in the company. "This transaction is another milestone in the implementation of our strategy. We are thus establishing an integrated and sustainable business model extending OMV’s value chain towards higher value chemical products and recycling, thereby repositioning the Group for a lower carbon future," Rainer Seele, OMV Chairman and CEO.