OMV, Adnoc Pursue Negotiations to Potentially Combine Polyolefins Businesses
July 14 2023 - 10:00AM
Dow Jones News
By Giulia Petroni
OMV has decided to pursue negotiations with the Abu Dhabi
National Oil Company to potentially combine their polyolefins
businesses in order to create a global joint company.
The Austrian oil-and-gas major said Friday that the agreement
would include the combination of the Borealis and Borouge
businesses under a jointly-controlled, listed company.
OMV currently owns 75% of Borealis, while Adnoc holds the
remaining 25%. Borouge is 54% owned by Adnoc and 36% by Borealis,
with the remainder listed on the Abu Dhabi Securities Exchange.
The transaction would be subject to approvals, including merger
control clearance.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 14, 2023 09:45 ET (13:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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