Talks over a planned $30bn merger between the chemicals arms of Abu Dhabi National Oil Company and Austria’s OMV have stalled over recent weeks, putting at risk a complicated deal to create a new market leader.
The negotiations have cooled to allow both sides to navigate a series of disagreements, according to three people familiar with the matter. Currently the groups have gone “pencils down”, one person said.
At one point in mid-December, Adnoc and OMV, an energy and chemicals group, had been less than 24 hours away from announcing a deal, even having practice runs of analyst presentations to unveil the agreement, they added.
The issues outstanding range from the trivial, such as the name of the merged unit in the final deal announcement, to the more serious, the people said.
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