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Tue 12 Apr 2011 04:08 PM

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Abu Dhabi's IPIC may raise Borealis stake

Plastics maker Borealis is owned 64 percent by IPIC and 36 percent by Austria's OMV

Abu Dhabi's IPIC may raise Borealis stake
BOREALIS CEO: Abu Dhabis IPIC may raise its stake in plastics maker Borealis, Mark Garrett, Chief Executive of Borealis said on Tuesday (supplied)

Abu Dhabi's International Petroleum Investment Co (IPIC) may raise its stake in plastics maker Borealis, the chief executive of Borealis said on Tuesday.

"There is always a possibility of that. They [IPIC] could raise the stake," Mark Garrett told reporters in Abu Dhabi.

He added that IPIC could buy shares through an initial public offering (IPO) through which joint owner, Austria's OMV, said three weeks ago that it planned to sell shares it owns in Borealis.

IPIC officials were not available for comment. Borealis is owned 64 percent by IPIC and 36 percent by OMV.

Borealis is also looking at acquisitions in the fertilisers and polyolefins sector in Europe, Asia and the Middle East, Garrett said.

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