OMV's Borealis Gets Binding Offer for Its Nitrogen Business
February 03 2022 - 2:30AM
Dow Jones News
By Olivia Bugault
OMV AG said Thursday that its subsidiary Borealis has received a
binding takeover offer for its nitrogen business from fertilizer
producer EuroChem.
The offer values Borealis's nitrogen business--which includes
fertilizer, melamine and technical nitrogen products--at 455
million euros ($514.4 million) based on an enterprise value, OMV
said.
"The transaction would significantly enhance EuroChem's nitrogen
business in Europe, adding production assets in Austria, Germany
and France as well as adding a comprehensive sales and distribution
network utilizing the Danube river," OMV said.
The transaction should close during the second half of the year,
the company said.
OMV owns 75% of Borealis, with the remaining 25% held by a
holding company of Abu-Dhabi-based and state-owned investment firm
Mubadala.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
February 03, 2022 02:15 ET (07:15 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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