ADNOC confirms formal negotiations with OMV AG to explore the establishment of a combined petrochemicals holding entity. The proposed merger would involve the consolidation of their respective shareholdings in Borouge and Borealis.
ADNOC holds a 54 percent stake in Borouge, listed on the Abu Dhabi Securities Exchange (ADX), while OMV owns 75 percent of Borealis, with ADNOC holding the remaining 25 percent. The negotiations are being led by ADNOC as the majority shareholder of Borouge, with OMV representing the majority shareholder in Borealis.
Should the merger proceed, it would mark a significant milestone in ADNOC’s ongoing value creation and chemical growth strategy. The combined entity would strengthen ADNOC’s position in the global petrochemical market.
However, the transaction is subject to customary regulatory clearances and the governance processes of Borouge and other relevant parties involved. ADNOC will provide further updates on the matter as appropriate.
The potential merger between ADNOC and OMV signifies the companies’ commitment to maximizing value and fostering growth in the petrochemical sector. It reflects their strategic vision to create a global chemical powerhouse, driving innovation and competitiveness in the industry.
