OMV Shares Under Pressure as Major Shareholder Trims Stake Ahead of Landmark Deal

A significant shareholder has reduced its exposure to Austrian energy and chemical group OMV just weeks before the expected completion of a historic merger. BlackRock, the world's largest asset manager, has cut its holding below a key reporting threshold, raising questions about institutional confidence in the impending corporate transformation. Is this a routine portfolio adjustment, or does it signal growing caution regarding the complex Borouge Group International (BGI) combination?

• BlackRock's Stake: Reduced to 3.99%, falling below the 4% reporting level.
• Share Price Movement: A correction exceeding 12% over the past seven trading days.
• Merger Timeline: The BGI deal is anticipated to finalize in the first quarter of 2026.
• Analyst Sentiment: A trend toward more cautious ratings, including recent downgrades.

A Notable Reduction in Holdings

A regulatory filing dated January 2, 2026, revealed that BlackRock's voting rights in OMV stood at 3.99% as of December 30, 2025. While the numerical decrease from a previous 4.02% holding appears minor, the timing is noteworthy. The move comes immediately before the expected closing of the BGI merger, a $60 billion petrochemicals joint venture that will combine OMV's and ADNOC's polyolefins businesses.

Market observers frequently scrutinize such adjustments ahead of major corporate events. Even a slight pullback by a giant like BlackRock can be interpreted as an effort to de-risk portfolios in the face of a challenging integration process.

Share Price Retreats from Highs

The institutional wariness is mirrored in the equity's recent performance. After reaching a 52-week high of €55.00 on December 24, 2025, the stock has faced substantial selling pressure. It closed at €48.01 last Friday, marking a seven-day decline of 12.71%.

Technically, the shares are testing support near the 50-day moving average, currently at €48.07. A breach of this level could see the price target the next key technical support at the 200-day moving average of €46.44. Despite the recent pullback, the stock retains a 12-month gain of approximately 25%.

Should investors sell immediately? Or is it worth buying Omv?

Growing Caution Among Research Firms

BlackRock's apparent skepticism is not an isolated case. Several investment banks have tempered their outlook on OMV in recent weeks. Barclays reaffirmed its "Underweight" rating, while Berenberg Bank downgraded the stock from "Strong Buy" to "Hold" back in November. The current analyst consensus now leans toward "Reduce."

This cautious stance presents a stark contrast to the stock's seemingly attractive price-to-earnings (P/E) ratio of 3.37. The market appears to be assigning greater weight to the execution risks of the massive merger than to the company's fundamental valuation metrics.

Dividend Policy and Upcoming Catalyst

Despite near-term uncertainty, the long-term investment thesis remains tied to the success of the new BGI structure. Beginning in fiscal year 2026, OMV intends to implement a revised dividend policy. It plans to distribute 50% of the dividends received from BGI, plus 20% to 30% of the operating cash flow from its remaining businesses. Management estimates the BGI stake alone will generate at least $1 billion in annual dividend income for OMV.

Investors will get a near-term operational snapshot on January 15, 2026. The company is scheduled to release its Q4 2025 trading update at 7:30 AM CET. These figures will provide the first concrete indication of whether underlying business performance is robust enough to halt the recent downward trend in the share price.