Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) P.J.S.C. ('ADNOC') has confirmed that negotiations with OMV AG ('OMV') about the potential creation of a new global polyolefins group are ongoing. This potential collaboration would involve combining their existing shareholdings in Borouge plc ('Borouge') and Borealis AG ('Borealis'). Additionally, the discussions include the possible acquisition of Nova Chemicals Corporation ('Nova') from Mubadala Investment Company ('Mubadala') and its contribution to the proposed combined entity.
According to Emirates News Agency, the transactions are subject to respective agreements, regulatory approvals, and customary conditions. ADNOC has committed to updating the market as developments occur and when it is appropriate to do so.