Image: HEINZ-PETER BADER (X00316)
ADNOC now holds 24.9 percent of the shares in OMV, ÖBAG (Österreichische Beteiligungs AG) continues to hold 31.5 percent. The share transfer took place on February 28th.
This means that ADNOC, one of the world’s largest oil producers, is now the second largest shareholder behind ÖBAG. The transaction had already been announced at the end of 2022. Financial details were not disclosed.
“Through its strategic investment in OMV, ADNOC has increased its shares in Borealis AG and Borouge plc, thereby further strengthening its presence in the chemicals sector, enabling synergies and opening up significant growth opportunities across the entire chemicals portfolio, particularly at Borouge,” it said a press release from the Emirati oil company.
Regarding the planned divisional merger of OMV and ADNOC, it was said: The state oil company ADNOC and OMV continue to negotiate “open-ended” about the possible establishment of a joint petrochemical holding company through the planned merger of their respective holdings in Borouge and Borealis.
Austria’s largest industrial group reported on the plans in the summer of the previous year. OMV is negotiating with ADNOC about a possible merger of their petrochemical subsidiaries Borealis and Borouge as equal partners. The aim is to create a global polyolefins company with a significant presence in key markets. The deal could create a chemical giant with annual sales of more than $20 billion (€18 billion).
more from economics
