Factbox: ADNOC's deals with European companies
03/02/2025 11:42
(Updates with OMV and ADNOC's plans to acquire Nova Chemicals)
Feb 3 (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 ($15.1 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 group OMV and ADNOC said on Jan. 31
they were considering a joint venture to acquire Canada's Nova
Chemicals if its owner, the Abu Dhabi sovereign wealth fund
Mubadala, agrees.
Austrian oil and gas company OMV and ADNOC have been in
talks since 2023 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.
The proposed acquisition would create a global polyolefin
group, which would combine Nova Chemicals, Borealis and Borouge,
according to the January statement.
ADNOC also confirmed that the talks on the merger of
Borealis and Borouge were ongoing in a positive manner.
In February 2024, ADNOC closed the acquisition of a 24.9%
stake in OMV, increasing its holdings in both Borealis and
Borouge. It did not disclose the ownership ratios at the time.
FERTIGLOBE FERTIGLB.AD
ADNOC agreed in December 2023 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 = 0.9767 euros)
(Reporting by Tristan Veyet, Isabel Demetz in Gdansk; editing
by Milla Nissi)
((Tristan.Chabba@thomsonreuters.com;))