A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. Christopher Pike
A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. Christopher Pike

OMV CEO: actively in talks with ADNOC on chemicals business merger

October 31st, 2023 | 10:13 AM MARKETS Deals 1

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By Reuters

OMV (OMVV.VI) is actively in negotiations with the state-owned Abu Dhabi National Oil Company (ADNOC) 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 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.

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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