UAE's Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV

UAE's Adnoc Aims to Buy Nova Chemicals, Roll Into Deal With OMV

(Bloomberg) — Abu Dhabi National Oil Co. and energy producer OMV AG are considering buying Canada’s Nova Chemicals Corp. and rolling it into an industry giant they’re seeking to create by merging two companies in which they have cross shareholdings.

Following an acquisition, the company could become part of a possible polyolefin cooperation and, as a result, be merged with the corresponding divisions of Borealis and Borouge, OMV said.

Adnoc and OMV Eye Creation of $30 Billion Chemical Giant with Potential Nova Chemicals Acquisition

Abu Dhabi National Oil Company (Adnoc) and Austrian energy producer OMV AG are advancing discussions to establish a global chemicals and plastics powerhouse through a strategic merger and acquisition plan. The collaboration involves the potential purchase of Canada’s Nova Chemicals… The post Adnoc and OMV Eye Creation of $30 Billion Chemical Giant with Potential Nova Chemicals Acquisition appeared first on The Asia Live.

Proposed Adnoc-OMV entity targets Mubadala unit

The global polyolefins group proposed by Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV has set its eye on its first acquisition. The proposed merged entity will try to acquire Canada’s Nova Chemicals from Mubadala Investment Company as its first growth opportunity, Adnoc has confirmed in a statement. The Abu Dhabi oil company said negotiations to merge Borouge and Borealis companies are ongoing in a “constructive and positive manner”.…

Canadian company could complement the polyolefin business of OMV subsidiary Borealis. This would strengthen the position on the global market.