Deals
UAE’s Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV
- Adnoc, OMV eye $30 billion merger of Borouge, Borealis units
- Nova Chemicals would be included in firm created from merger
An OMV AG gas station.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Abu Dhabi National Oil Co. and energy producer OMV AG are considering buying Canada’s Nova Chemicals Corp. and rolling it into an industry giant they’re seeking to create by merging two companies in which they have cross shareholdings.
The government-owned company in the United Arab Emirates and the Austrian energy producer are in “constructive and positive” talks about a merger of two chemical units in which they’re both partners, Adnoc said in a statement on Saturday. The deal would create a chemical producer potentially valued at more than $30 billion.