Factbox: ADNOC's deals with European companies
01/10/2024 08:24
(Updates with deal to buy Covestro)
Oct 1 (Reuters) - State-owned Abu Dhabi National Oil Co,
or ADNOC, has been pursuing a series of merger and acquisition
deals with European companies, with an aim to diversify and
develop its chemicals and renewable energy operations.
Here are the deals and talks ADNOC is involved in:
COVESTRO 1COV.DE
ADNOC said on Oct. 1 it had agreed to buy German chemicals
producer Covestro for 14.7 billion euros ($16.34 billion), one
of the biggest foreign takeovers by a Gulf state which is aimed
at diluting the country's heavy dependence on oil in the energy
transition.
OMV OMVV.VI
Austrian oil and gas company OMV has been in talks over a
planned $30 billion merger between petrochemicals group Borealis
- owned by OMV and ADNOC in a 75:25 split - and Abu Dhabi-listed
Borouge BOROUGE.AD , which is 54:36 owned by ADNOC and
Borealis.
During its Capital Markets Day event in June, OMV's CEO
Alfred Stern said the negotiations would continue and there was
no deadline to conclude them.
In February, ADNOC closed the acquisition of a 24.9% stake
in OMV, agreed in late 2022, increasing its holdings in both
Borealis and Borouge. It did not disclose the ownership ratios.
FERTIGLOBE FERTIGLB.AD
ADNOC agreed in December to take over European chemical
producer OCI's OCI.AS entire stake in ammonia and urea
producer Fertiglobe for $3.62 billion, becoming its largest
shareholder.
($1 = 0.8996 euros)
(Reporting by Tristan Veyet, Isabel Demetz in Gdansk; editing
by Milla Nissi)
((Tristan.Chabba@thomsonreuters.com;))