Austrian oil and gas group OMV has agreed to buy an additional 39% share in Borealis from Abu Dhabi wealth fund Mubadala for $4.68 billion. The transaction will boost OMV’s shareholding in the polymers producer to 75%, leaving Mubadala with the remaining 25%.

OMV’s supervisory board has approved the acquisition, which is anticipated to close by end 2020. The transaction remains subject to approvals by the regulatory authorities.

In April 2019, Mubadala sold a 37% share in Spanish oil & gas and chemicals company Cepsa, retaining its majority ownership.

The investment group also owns Canada’s Nova Chemicals. Last April, Reuters reported that Chevron Phillips Chemicals had offered to buy Nova for more than $15 billion. There has been no further news on the matter since.