Deals
UAE’s Adnoc and OMV Agree to Form $60 Billion Chemical Giant
- The two firms are merging their Borouge and Borealis units
- Merged company will buy Nova Chemicals for $13.4 billion
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The United Arab Emirates’ and Austria’s top oil companies agreed on terms to create a chemicals giant worth more than $60 billion, enhancing their positions in an industry they expect will continue to grow in the energy transition.
Abu Dhabi National Oil Co. and OMV AG will merge their units Borealis AG with Abu Dhabi-listed Borouge Plc, capping almost two years of negotiations. The deal, one of the biggest globally in the past few years, will also include the joint purchase of Nova Chemicals from Abu Dhabi sovereign fund Mubadala Investment Co. for $13.4 billion, including debt, Adnoc said in a statement.