2023-07-07 10:02:06
Borouge, listed on the Abu Dhabi Stock Exchange, denied that it had or was aware that any of the major shareholders were in negotiations to merge the businesses of Borouge and Borealis, as reported in Bloomberg’s news on July 4.
And the company explained in a late disclosure on the Abu Dhabi Securities Exchange website: With reference to the subject regarding the news that was made
It was published in Bloomberg.. We inform you that we have not conducted any negotiations to merge the business of Borouge and Borealis AG and we have no knowledge about the plans of any of the major shareholders to change the ownership structure of the company according to what was stated in the published article.
The company affirmed its commitment to the highest levels of transparency in disclosing its information, noting that it will disclose to the market any new projects or investments that the company takes, according to the disclosure and transparency systems in force in the market.
It is noteworthy that Bloomberg had reported, on Tuesday, that the Abu Dhabi National Oil Company (ADNOC) is exploring, with the Austrian company, OMV, merging the businesses of Borouge and Borealis to create a chemicals and plastics entity worth more than $30 billion.
The sources indicated, according to Bloomberg, that the owners are discussing the potential valuation and ownership structure of a consolidated entity and may reach the outlines of formal merger negotiations in the coming weeks.
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