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ADNOC announced today that it has formally closed the acquisition of a 24.9% shareholding in OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company (Mubadala). Image courtesy: ADNOC
Abu Dhabi National Oil Company (ADNOC) confirmed on Saturday negotiations with Austria's OMV to set up a new global polyolefins group.
It said in a statement negotiations to merge their Borouge and Borealis companies were going in a "constructive and positive manner".
The proposed merger would create a global polyolefin group, which would combine Canada's Nova Chemicals, Borealis and Borouge.
(Reporting by Hatem Maher Menna Alaa El-Din; Editing by Emelia Sithole-Matarise)
