OMV and ADNOC Contemplate Potential Acquisition of Nova Chemicals
Last update on Feb 4, 2025
OMV and ADNOC contemplate, subject to respective agreements with Mubadala, a possible acquisition of (by the future potential joint venture company as a first growth opportunity) as part of OMV's and ADNOC's negotiations on a potential cooperation with respect to their polyolefins businesses. To Create a Global Polyolefin Group
Such cooperation would include a potential combination of Borealis, Borouge and Nova Chemicals businesses to create a global polyolefin group with a material presence in key markets.
The potential transactions would, inter alia, be subject to:
- Agreements on the commercial transaction parameters (including, inter alia, the valuation of the involved businesses) and the transaction documents in the ongoing negotiations,
- Approvals of the potential transactions by the corporate bodies of the respective parties involved, including the Executive Board and the Supervisory Board of OMV, and
- Approvals by authorities (such as merger control clearances).
Source: OMV
Source
OMV