March 26, 2020 / 9:22 AM / 11 days ago

BRIEF-OMV Decides On Action Plan To Safeguard Financial Strength

March 26 (Reuters) - OMV AG:

* DECIDES ON ACTION PLAN TO SAFEGUARD FINANCIAL STRENGTH

* REDUCE ORGANIC INVESTMENTS BY AROUND EUR 500 MN TO BELOW EUR 2 BN IN 2020

* TO CUT COSTS BY AROUND EUR 200 MNPAY FOR BOREALIS ACQUISITION IN TWO TRANCHES

* EXECUTIVE BOARD HAS APPROVED AN ACTION PLAN OF MORE THAN EUR 4 BN FOR YEAR 2020.

* TO POSTPONE EUR 1.5 BN-WORTH OF PROJECTS TO 2022

* EFFECTIVE CLOSING DATE OF THIS TRANSACTION IS UNAFFECTED;POSTPONING INVESTMENT AND ACQUISITION PROJECTS TOTALING EUR 1.5 BN, IN PARTICULAR INTEREST IN ACHIMOV 4/5 IN RUSSIA.

* ACTION PLAN INCLUDES REDUCTION OF AROUND EUR 500 MN IN ORGANIC INVESTMENTS TO BELOW EUR 2 BN IN 2020

* REDUCTION OF MORE THAN 20 % COMPARED WITH ORIGINALLY PLANNED INVESTMENTS OF EUR 2.4 BILLION FOR 2020; Source text: bit.ly/2UnbLEh Further company coverage: (Gdansk Newsroom)

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