Brussels (Brussels Morning Newspaper) – The EU Commission has approved the acquisition of Adamant Ecodev S.r.l. of Italy by OMV Downstream GmbH of Austria and Adamant BioNRG AG of Switzerland.
The European Commission figured that the announced transaction would not increase competition matters, given the companies’ limited market positions resulting from the proposed transaction. The notified transaction was analysed under the simplified merger review procedure. The transaction primarily involves the trading of renewable feedstock.
How will OMV’s acquisition align with sustainability goals?
OMV Downstream has agreed to acquire a minority shareholding in Adamant Ecodev S.r.l., an Italian trading company for renewable feedstocks. This deal is part of OMV’s strategy to make sustainability an integral part of its business operations.
There are regulatory approvals that have been received. Those are dependent on OMV getting the green signal from the European Commission to conclude the acquisition process.
Strategic Significance: This acquisition is considered a step toward furthering supply chain integration and increasing OMV’s capabilities in sourcing renewable feedstocks, which are critical for the production of biofuels.
OMV Downstream also contributes significantly to the production of base chemicals and plastics recycling through its Chemicals segment. It is an advanced polyolefin solutions leader in Europe. The company promotes sustainability by implementing low-carbon initiatives and renewable energy solutions within its business model, which represents its adaptation to the changing energy landscape.
Adamant BioNRG bases its operations at the port of Genoa, Italy, as its primary logistics hub and delivers a wide range of products. The company reported trading over 150,000 tons of different products in 2020 and has set a robust growth plan that is well aligned with the European Union’s Green New Deal for the next decade.
