OMV and ADNOC are considering, pending respective agreements with Mubadala, a potential acquisition of Nova Chemicals through the future joint venture company as an initial growth opportunity. This is part of their discussions regarding potential collaboration in their polyolefins businesses.

Source: OMV

Such collaboration could involve merging the operations of Borealis, Borouge, and Nova Chemicals, aiming to establish a significant global polyolefin group with a strong presence in key markets.

The potential transactions would be contingent upon several factors: (i) agreements on the commercial transaction parameters, including the valuation of the businesses involved, as well as the transaction documents currently under negotiation; (ii) approvals from the corporate bodies of the parties involved, including OMV's Executive Board and Supervisory Board; and (iii) necessary approvals from regulatory authorities, such as merger control clearances.