OMVKY Omv Ag Bearer (PK)

By Olivia Bugault

OMV AG said Thursday that its subsidiary Borealis has received a binding takeover offer for its nitrogen business from fertilizer producer EuroChem.

The offer values Borealis's nitrogen business--which includes fertilizer, melamine and technical nitrogen products--at 455 million euros ($514.4 million) based on an enterprise value, OMV said.

"The transaction would significantly enhance EuroChem's nitrogen business in Europe, adding production assets in Austria, Germany and France as well as adding a comprehensive sales and distribution network utilizing the Danube river," OMV said.

The transaction should close during the second half of the year, the company said.

OMV owns 75% of Borealis, with the remaining 25% held by a holding company of Abu-Dhabi-based and state-owned investment firm Mubadala.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

February 03, 2022 02:15 ET (07:15 GMT)

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