# OMV and ADNOC mull merger of chemicals businesses Borealis and Borouge

OMV and ADNOC are in negotiations to merge their chemicals businesses, including petrochemicals group Borealis (75:25 owned by OMV and ADNOC) and Borouge (54:36 owned by ADNOC and Borealis). The deal would create a listed entity.

- Type: Acquisition
- Announced: 2023-11-01
- Where: United Arab Emirates
- Value: $33.0B (30.0B EUR)
- Status: rumored
- Products: petrochemicals, polyolefins
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md), [Plastics and Polymers](https://endata.com/sectors/plastics-polymers.md)

## Companies

- [OMV S.p.A.](https://endata.com/companies/1004.md)
- [Borealis](https://endata.com/companies/242.md) (target)
- [OMV S.p.A.](https://endata.com/companies/1004.md) (acquirer)
- [OMV S.p.A.](https://endata.com/companies/1004.md) (partner)
- [ADNOC](https://endata.com/companies/2481.md) (partner)
- [Abu Dhabi National Oil Company](https://endata.com/companies/5511.md) (acquirer)
- [Abu Dhabi National Oil Company](https://endata.com/companies/5511.md) (partner)
- [Borouge](https://endata.com/companies/8678.md) (target)

## Sources

- [egyptoil-gas.com](https://egyptoil-gas.com/news/omv-adnoc-mull-possible-chemicals-business-merger/), 2023-11-01: "OMV, the Austrian energy company, is currently in negotiations with Abu Dhabi National Oil Company (ADNOC) regarding a potential merger of their chemicals business."
- [news.bloomberglaw.com](https://news.bloomberglaw.com/mergers-and-acquisitions/adnoc-omv-near-a-deal-to-form-30-billion-chemical-giant), 2023-12-14: "Abu Dhabi National Oil Co. and Austria’s OMV AG are nearing a deal to create a petrochemical firm worth more than €30 billion"
- [offshore-technology.com](https://www.offshore-technology.com/news/adnoc-omv-petrochemical/), 2023-12-15: "ADNOC is close to signing a deal with Austrian energy company OMV to merge their petrochemical businesses."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.