OMV and ADNOC announced the signing of a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International.

OMV and ADNOC will create more than US$60 billion global polyolefins champion.

Under the terms of the transactions, Borealis and Borouge will be combined, with OMV injecting EUR 1.6 billion in cash - to be reduced by dividends paid out until completion -  into Borouge Group International to equalize shareholdings.

ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.

The NOVA Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets.

Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026 at cost, estimated to be approximately US$7.5 billion. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.

The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX).

The new company will benefit from significant global scale, access to low-cost feedstock, a high share of innovative and differentiated products, best-in class technical and innovation capabilities, and a unique portfolio in sustainable and recycling solutions.

The completion of the all-share combination of Borealis and Borouge and acquisition of Nova Chemicals is estimated in Q1 2026, subject to regulatory approvals and customary closing conditions.

OMV and ADNOC announced the signing of a binding agreement for the combination of their shareholdings in Borealis and Borouge into Borouge Group International.

OMV and ADNOC will create more than US$60 billion global polyolefins champion.

Under the terms of the transactions, Borealis and Borouge will be combined, with OMV injecting EUR 1.6 billion in cash - to be reduced by dividends paid out until completion -  into Borouge Group International to equalize shareholdings.

ADNOC has also entered in a share purchase agreement with Nova Chemicals Holdings GmbH. ADNOC and OMV have also agreed that upon completion of the combination, Borouge Group International will acquire Nova Chemicals further expanding its footprint in North America.

The NOVA Chemicals transaction will be funded through acquisition debt, which is expected to be refinanced in the capital markets.

Once fully operational, Borouge 4 is envisaged to be retransferred to Borouge Group International at the end of 2026 at cost, estimated to be approximately US$7.5 billion. When combined, the three highly complementary world-class businesses will create the fourth-largest global polyolefin group with equal shareholdings by OMV and ADNOC.

The new entity will be headquartered and domiciled in Vienna, Austria, with regional headquarters in Abu Dhabi, and listed on the Abu Dhabi Securities Exchange (ADX).

The new company will benefit from significant global scale, access to low-cost feedstock, a high share of innovative and differentiated products, best-in class technical and innovation capabilities, and a unique portfolio in sustainable and recycling solutions.

The completion of the all-share combination of Borealis and Borouge and acquisition of Nova Chemicals is estimated in Q1 2026, subject to regulatory approvals and customary closing conditions.