Deals
Adnoc, OMV Move Closer to Forming €30 Billion Chemical Giant
- Officials set to meet mid-November to hash out details
- Each side poised to own 47% stake in combined company
The current proposal envisions OMV injecting about €1.7 billion of cash into the joint company to ensure its stake is equal to Adnoc.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Abu Dhabi National Oil Co. and Austria’s OMV AG are putting the final touches on a deal to create a petrochemical firm worth more than €30 billion ($32 billion), according to people with knowledge of the matter.
Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details of the planned merger of Abu Dhabi-listed Borouge Plc with Borealis AG, the people said. They’re aiming to reach an agreement before year-end on the proposal, which could see Adnoc and OMV each hold 47% of the combined entity, the people said. That would leave 6% as free float.