The Supervisory Board of OMV has approved agreements with ADNOC to merge Borealis, Borouge, and NOVA Chemicals into a new joint venture, Borouge Group International. The newly formed company will be jointly controlled by OMV and ADNOC.
Public Disclosure and Regulatory Compliance
OMV publicly disclosed this development on March 3, 2025, in accordance with Article 17 MAR, outlining the key commercial terms of the agreement with ADNOC.
Conditions for Completion
The transaction remains subject to several key conditions, including:
- Finalizing Implementation Agreements – OMV and ADNOC must negotiate and finalize the implementation details.
- Corporate Approvals – The Executive Board of OMV and ADNOC’s corporate bodies must approve the agreements.
- Regulatory Clearances – Authorities must grant necessary approvals, including merger control and foreign direct investment clearances.
As per the press release, OMV and ADNOC will establish Borouge Group International once they meet these conditions. This move will create a leading global player in the petrochemical industry.
