Austria's Verbund Bids for OMV's Stake in Gas Pipeline Operator
VIENNA (Reuters) — Austrian utility Verbund has made a binding offer for OMV’s 51% stake in gas pipeline operator Gas Connect Austria, it said on Monday.
Verbund did not give financial details of the proposed deal. In 2016 OMV sold a 49% stake in Gas Connect for 601 million euros ($678 million) to German insurer Allianz and Italian gas grid company Snam.
The oil and gas group said in March that it plans to sell its remaining stake in Gas Connect Austria, among other assets, and was in exclusive talks with Verbund.
“The offer is subject to agreement between Verbund and OMV on the transaction contracts and the approval of the supervisory board. The offer is otherwise confidential,” Verbund said.
OMV wants to sell $2.3 billion of assets by the end of next year to help fund a $4.7 billion deal to make it the majority owner of plastics maker Borealis.
OMV had no immediate comment on the announcement.
Related News
Related News
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Comments