An update from OMV AG ( (DE:OMV) ) is now available.
OMV Aktiengesellschaft has signed a framework agreement with Abu Dhabi National Oil Company (ADNOC) to combine their polyolefins businesses, creating a new joint venture named Borouge Group International. This venture will include the acquisition of NOVA Chemicals for USD 9.377 billion, with OMV and ADNOC holding equal shares and joint control. The transaction, expected to complete by 2026, aims to enhance growth opportunities in the polyolefins sector and involves capital injections and adjustments based on dividends. The agreement also includes amendments to supply contracts and is subject to regulatory approvals, potentially impacting the company’s strategic positioning in the petrochemical industry.
More about OMV AG
OMV Aktiengesellschaft is a major player in the energy industry, focusing on the exploration, production, and marketing of oil and gas, as well as the production of petrochemicals. The company is headquartered in Vienna, Austria, and operates globally with a strong emphasis on the European market.
YTD Price Performance: 18.79%
Average Trading Volume: 17,169
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: €14.43B
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