Abu Dhabi National Oil Co. and Austria’s OMV AG are nearing a deal to create a petrochemical firm worth more than EUR30 billion (USD33 billion), according to people with knowledge of the matter, said Bloomberg.
An agreement to combine Abu Dhabi-listed Borouge Plc with Borealis AG could be announced as soon as Thursday, according to the people, who asked not to be identified because the agreement isn’t yet public.
A representative of OMV declined to comment. A spokesperson for Adnoc wasn’t immediately available to comment.
OMV owns 75% of Borealis, with the remainder held by Adnoc, while Borouge is a partnership between Adnoc and Borealis. The proposal calls for OMV to inject about EUR1.7 billion of cash into the joint company to ensure its stake is equal to Adnoc’s, they said.
We remind, Adnoc announced that it has formally closed the acquisition of a 24.9% shareholding in OMV AG, a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company. The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a responsible, long-term partner and growth-oriented investor. Financial details were not disclosed.
mrchub.com