The European refiner and chemical company OMV has signed an agreement to purchase a 39% share in the petrochemical maker Borealis from the Abu Dhabi sovereign wealth fund Mubadala for $4.7 billion. The purchase will increase OMV’s stake in Borealis from 36% to 75% and allow OMV to consolidate Borealis’s financial results with its own. OMV wants to expand its emphasis on chemicals to position itself for a lower-carbon future. OMV says the deal will make it Europe’s number 1 producer of ethylene and propylene and one of the top 10 polymer makers worldwide. The purchase will reduce Mubadala’s stake in Borealis to 25%. To an extent the transaction is within the family, as Mubadala also owns a 25% stake in OMV. Mubadala recently denied rumors that it is exploring the sale of another petrochemical company in its portfolio, Canada’s Nova Chemicals.