Cookie-Settings

Here you can see and modify the cookie settings of various tools used on www.advantageaustria.org and related subdomains.


Save settings
Advantage Austria Show navigation

OMV rights issue raises 725 mln Euros

13. June 2011

Austrian energy group OMV operating in emerging Europe sold just under 27.3 million new shares at 27.50 Euros each — raising its share capital by around 9 percent, The Austrian Trade Commission reports

OMV raised around a net 725 million Euros ($1.06 billion) in a rights issue aimed at bolstering its balance sheet after major acquisitions, the Austrian oil and gas group said Monday. OMV, the biggest energy group operating in emerging Europe, said it sold just under 27.3 million new shares at 27.50 Euros each — raising its share capital by around 9 percent. Shares had closed Monday at 27.85 Euros.
Two sources close to the deal had told Reuters earlier that OMV had orders for all the shares on offer.
The subscription ratio was one new share for each 11 held. Its major shareholders — Austrian state holding company OeIAG and Abu Dhabi’s International Petroleum Investment Co (IPIC) — kept their stakes at 31.5 percent and 20 percent respectively.
OMV’s plan to raise its share capital and sell hybrid notes has lifted uncertainty about how the company would ease debt. But it has disappointed some investors who were hoping it would sell assets to help meet some of its financing needs. It sold 750 million Euros in hybrid notes on May 25.
OMV announced the refinancing plan last month, saying it wanted to ease debt following acquisitions that pushed its debt to equity ratio to 47 percent, well above its 30 percent target.

print
©©ADVANTAGE AUSTRIA