OMV in talks with ADNOC on chemicals business merger
11/7/2023 3:15:00 PM
OMV is actively in negotiations with the state-owned Abu Dhabi National Oil Company about a possible merger of their chemicals business, the Austrian firm's chief executive said on Tuesday, after third-quarter results were released.
The company would be listed on the stock exchange, added Chief Executive Alfred Stern.
The deal, if realized, would include a merger of petrochemicals group Borealis - which is owned by OMV and ADNOC in a 75:25 split - and Borouge, which is 54:36 owned by ADNOC and Borealis.
Stern added that he expected a difficult fourth quarter and possibly a difficult first quarter of 2024 for the chemicals business.
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