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ADNOC
This purchase is part of a larger UAE initiative to attract foreign investment and technology, as well as development of new industries and manufacturing. ADNOC will be able to extend its presence and get access to major markets in Europe and both Americas as a result of the agreement.
Following the completion of the transaction, Austria's OMV will retain a 75 percent share in Borealis AG. At the same time, ADNOC will be able to gain more influence over Borouge, a plastics company held equally by ADNOC and Borealis. This year, Borouge will list on the Abu Dhabi stock exchange, with a potential market capitalization of $20 billion.
In February, Borealis agreed to sell its nitrogen business in Europe to Russian Eurochem, but the offer was rejected the day after its owner, Andrey Melnichenko, was placed on the EU sanctions list.
source: bloomberg.com
Following the completion of the transaction, Austria's OMV will retain a 75 percent share in Borealis AG. At the same time, ADNOC will be able to gain more influence over Borouge, a plastics company held equally by ADNOC and Borealis. This year, Borouge will list on the Abu Dhabi stock exchange, with a potential market capitalization of $20 billion.
In February, Borealis agreed to sell its nitrogen business in Europe to Russian Eurochem, but the offer was rejected the day after its owner, Andrey Melnichenko, was placed on the EU sanctions list.
source: bloomberg.com
