OMV, Adnoc Pursue Negotiations to Potentially Combine Polyolefins Businesses

   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)

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