OMV, ADNOC close to agreeing deal for chemicals company tie up  | Reuters News Agency

Business & FinanceDeals

Reuters exclusively reported that Abu Dhabi National Oil Co (ADNOC) is closing in on a deal with Austria’s OMV (OMVV.VI) to combine two entities in which the companies own stakes to create a chemicals giant, two people with knowledge of the talks said. In July OMV said it had entered into talks to merge petrochemicals group Borealis – which is owned by OMV and ADNOC in a 75:25 split – and Borouge (BOROUGE.AD), which is 54:36 owned by ADNOC and Borealis. 

Market Impact

OMV shares spiked higher, last up 3.6%, after Reuters reported that the two sides were close to agreement. 

Article Tags

Topics of Interest: Business & FinanceDeals

Type: Reuters Best

Sectors: Business & FinanceCommodities & Energy

Regions: Europe

Countries: Austria

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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