Business & FinanceDeals
14 December 2023, 5:30 am 1 minute
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
