Deals
Borouge Surges as Abu Dhabi Envisions $30 Billion Chemical Giant
- Borealis majority owner OMV in talks with Borouge backer Adnoc
- Broad outline for merger talks may be reached in coming weeks
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Borouge Plc surged the most in over a year as Abu Dhabi explores an ambitious plan to use the company to create a chemicals and plastics giant worth more than $30 billion.
Shares of Borouge jumped as much as 9.4% in Abu Dhabi trading Wednesday, the biggest intraday gain since June 2022. They were up 4.1% at 11:44 a.m. in the United Arab Emirates, giving the company a market value of about $23 billion.