OMV to enter talks with ADNOC to create $20 billion chemicals giant | Reuters
Austria's OMV (OMVV.VI) said on Friday it will enter negotiations with Abu Dhabi National Oil Co (ADNOC) (ADNOC.UL) with a view to creating a chemicals giant from the combination of two entities in which both companies own stakes.
The deal, if realised, would include a merger of petrochemicals group Borealis (BESGR.UL) - which is owned by OMV and ADNOC in a 75:25 split - and Borouge (BOROUGE.AD), which is 54:36 owned by ADNOC and Borealis.
Under the plan, OMV said both Borealis and Borouge would become "equal partners under a jointly controlled, listed platform for potential growth acquisitions to create a global polyolefin company".
The potential tie-up, first reported last week, would create a global heavyweight with combined annual sales of more than $20 billion.
OMV Chief Executive Alfred Stern said the transaction had "strong and compelling industrial logic".
No comments:
Post a Comment