OMV, Adnoc in Talks to Create $30 Billion Chemical Company, Bloomberg Reports

--OMV and Abu Dhabi National Oil Company are in talks over possibly merging Borouge and Borealis to create a plastics and chemicals company that could be worth more than $30 billion, Bloomberg reports citing unnamed sources.

--The parties are discussing the potential valuation and ownership structure of the new company and an outline for formal negotiations could be reached in coming weeks, although there is no guarantee talks will progress, the sources tell Bloomberg.

--Borealis is 75% owned by Austria's OMV with the remainder held by Adnoc. Borouge, listed in Abu Dhabi, is a partnership between Adnoc and Borealis, Bloomberg reports.

Full story: https://shorturl.at/akEP6

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 04, 2023 10:46 ET (14:46 GMT)

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