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ADNOC Makes Statement on Possible Merger of Borouge and Borealis

7/18/2023

ADNOC -- Press Release   Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”) is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG (“OMV”), about the  potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc (“Borouge”) and Borealis AG (“Borealis”).Borouge is listed on the Abu Dhabi Securities Exchange (“ADX”) with 54% owned by ADNOC, 36% by Borealis, and 10% held by retail and institutional investors. Borealis is owned 75% by OMV with ADNOC holding 25%.ADNOC is undertaking these negotiations as majority shareholder of B

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