2023-07-15 19:00:00
The Abu Dhabi National Oil Company, ADNOC, has confirmed that it has started formal negotiations with OMVAG (OMV) regarding the possibility of establishing a new holding entity for petrochemicals, through the proposed merger of their existing shares in the two companies, Borouge plc. (Borouge) and Borealis AG (Borealis), at a time when ADNOC confirms its interest in studying this opportunity, which has many positive potentials.
Borouge is a company listed on the Abu Dhabi Stock Exchange, in which ADNOC owns a 54% stake, Borealis owns a 36% stake, and individual and institutional investors own a 10% stake in Borouge. As for Borealis, it is 75% owned by OMV, while ADNOC owns 25% of its shares.
ADNOC is conducting these negotiations as a majority shareholder in Borouge, with OMV as a majority shareholder in Borealis, provided that the final decision regarding the deal is subject to governance processes in Borouge and related parties.
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