Adnoc Weighs Takeover of $5 Billion Chemical Producer OCI
- Mideast oil giant holds preliminary talks on potential deal
- OCI also weighs divestments including sale of Iowa Fertilizer
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Abu Dhabi National Oil Co. is exploring a potential takeover of European chemical producer OCI NV, the latest push by the Middle Eastern energy giant to expand beyond crude, people familiar with the matter said.
OCI and state-owned Adnoc are working with advisers and have held preliminary talks about a possible transaction, the people said, asking not to be identified because the information is private. Shares of OCI have fallen 38% in Amsterdam trading this year, giving the company a market value of about €4.4 billion ($4.8 billion).