OMV and ADNOC Form Joint Venture to Expand Polyolefins Business

OMV AG ( (DE:OMV) ) just unveiled an update.

OMV AG and ADNOC have reached an agreement on the key commercial terms to combine their polyolefins businesses, forming a new joint venture named Borouge Group International. This venture will include Borealis, Borouge, and the acquisition of NOVA Chemicals for USD 9.377 billion. The joint venture aims to facilitate growth in the polyolefins sector, with OMV and ADNOC holding equal shares and control. The transaction is expected to be completed by 2026, subject to regulatory approvals, and will involve a capital injection from OMV and a listing on the Abu Dhabi Securities Exchange, with plans for a future listing on the Vienna Stock Exchange.

More about OMV AG

OMV AG is a prominent player in the energy industry, focusing on the exploration, production, and marketing of oil and gas. The company is also involved in the petrochemical sector, offering a range of products and services that cater to various market needs.

YTD Price Performance: 13.69%

Average Trading Volume: 14,624

Technical Sentiment Consensus Rating: Strong Sell

Current Market Cap: €13.87B

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