ADNOC confirms talks with OMV on establishing a united petrochemical holding
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The Abu Dhabi National Oil Company (ADNOC) has confirmed media reports that it is in talks with Austrian oil and gas company OMV to create a unified petrochemical holding through the merger of subsidiaries Borouge and Borealis. The corresponding press release is published on site ADNOC.
The press service clarified that 54% of Borouge shares are owned by ADNOC, 36% by Borealis, and 10% by retail and institutional investors. Borealis is 75% owned by OMV and 25% by ADNOC, according to a press release.
It is noted that the final decision in the negotiations will be made in accordance with the management processes of Borouge and other parties. “The potential merger will be another transformational milestone in ADNOC’s strategy to create value and grow chemical production,” the press service concluded.
July 4 Bloomberg, citing sources reported about negotiations between ADNOC and OMV to create a petrochemical giant worth more than $30 billion through a merger of subsidiaries. According to the interlocutors of the agency, the cost of Borealis is estimated at $10 billion, and Borouge – at $22 billion.
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