UAE's IPIC Raises Stake in OMV

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) has raised its stake in Austria's OMV to 20%.

IPIC has raised its stake to 20% from 19.6% previously, OMV said in a statement.

Shares in the company continued to trade around 2% higher at €32.16 on 7 January 2010.

IPIC and Austria's state holding company OeIAG, OMV's other big shareholder, now hold 51.7% of voting rights combined, the statement added. - Upstream