By Giulia PetroniOMV has decided to pursue negotiations with the Abu Dhabi National Oil Company to potentially combine their polyolefins businesses in order to create a global joint company. The Austrian oil-and-gas major said Friday that the agreement would include the combination of the Borealis and Borouge businesses under a jointly-controlled, listed company. OMV currently owns 75% of Borealis, while Adnoc holds the remaining 25%. Borouge is 54% owned by Adnoc and 36% by Borealis, with the remainder listed on the Abu Dhabi Securities Exchange. The transaction would be subject to approvals, including merger control clearance.

Source: Wall Street Journal July 15, 2023 01:48 UTC