Tue Jan 3, 2012 4:48am EST
* Competition Authority gets no objections to IPIC plan
* Austrian government would still need to approve bigger
stake
* OMV shares up 0.1 pct
(Adds quote and background)
VIENNA, Jan 3 (Reuters) – 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
percent, 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 percent 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 percent to 24.05 euros by 0930 GMT,
while Austria’s blue-chip ATX index gained 0.4 percent.
(Reporting by Michael Shields; Editing by Hans-Juergen Peters)
