Adnoc, OMV Near a Deal to Form €30 Billion Chemical Giant.

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    • Subject Terms:
      ABU Dhabi (United Arab Emirates); AUSTRIA
    • Abstract:
      Abu Dhabi National Oil Co. (Adnoc) and Austria's OMV AG are close to finalizing a deal to create a petrochemical company valued at over €30 billion ($33 billion). The agreement would involve merging Abu Dhabi-listed Borouge Plc with Borealis AG, and an announcement could be made soon. OMV currently owns 75% of Borealis, with the remaining stake held by Adnoc. As part of the deal, OMV would inject around €1.7 billion in cash to ensure equal ownership with Adnoc. [Extracted from the article]
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