Abu Dhabi National Oil Company confirms talks on Borouge-Borealis merger

Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”) is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG (“OMV”), about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc (“Borouge”) and Borealis AG (“Borealis”).

Borouge is listed on the Abu Dhabi Securities Exchange (“ADX”) with 54 percent owned by ADNOC, 36 percent by Borealis, and 10 percent held by retail and institutional investors. Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.