The Supervisory Board of OMV has approved the conclusion of the agreements between OMV and ADNOC for the combination of Borealis, Borouge and NOVA Chemicals under Borouge Group International as new, jointly controlled joint venture company of OMV and ADNOC.

The new company is a joint platform for OMV and ADNOC for potential growth acquisitions in the polyolefins sector and will be named Borouge Group International.

OMV and ADNOC have also agreed on the key terms and conditions for a purchase by the joint venture company of all shares in NOVA Chemicals for a purchase price of USD 9.377 bn from Nova Chemicals Holding GmbH, a wholly owned subsidiary of Mubadala Investment Company PJSC, pursuant to a purchase agreement agreed between Mubadala and ADNOC which shall be entered into by ADNOC as purchaser and, subject to certain regulatory and other conditions being met, be novated to a subsidiary of the joint venture company, resulting in the subsequent acquisition of NOVA Chemicals by the joint venture company.

OMV and ADNOC have equal shareholdings and joint control in such joint venture company. It is envisaged that OMV makes a capital injection into the joint venture company in the amount of EUR 1.608 bn (determined as of the reference date 1 January 2025), to be reduced by dividends paid out until completion of the transaction (currently expected for 2026).

The joint venture company shall be listed on the Abu Dhabi Securities Exchange with the intent for a later listing also on the Vienna Stock Exchange. The joint venture company shall have its seat and headquarters in Austria. The right to appoint the chairperson of the supervisory board of the joint venture company shall vest with ADNOC. The Executive Board shall be appointed unanimously by both parties based on merit. In order to facilitate synergy extraction and integration in particular in relation to NOVA Chemicals, certain special rights shall temporarily be assigned to ADNOC.

KeyFacts Energy: OMV Austria country profile