By Giulia Petroni

OMV 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.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 14, 2023 09:45 ET (13:45 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Omv Ag Bearer (PK) Charts.
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Omv Ag Bearer (PK) Charts.