ADNOC entity Borouge shares spike on talks of possible Austrian merger

ADNOC entity Borouge shares spike on talks of possible Austrian merger

The stock of Borouge, which is an established joint venture partnership between Abu Dhabi National Oil Co. (ADNOC) and Borealis, traded at Dh2.58 on Tuesday morning, up from its prior day closing price of Dh2.53.

Image Credit: WAM/Borouge Plc







Dubai: Abu Dhabi-listed shares of Borouge Plc opened up 2 per cent on Tuesday as investors cheered a news report of potentially merging the Abu Dhabi-based petrochemicals company with Austria's Borealis AG.



The stock of Borouge, which is an established joint venture partnership between Abu Dhabi National Oil Co. (ADNOC) and Borealis, traded at Dh2.58 on Tuesday morning, up from its prior day closing price of Dh2.53.







Parent companies ADNOC and Austria's OMV AG are putting the final touches on the planned merger of their units Borouge Plc with Borealis AG, in a deal that will potentially create a petrochemical firm worth more than $30 billion, people with knowledge of the matter told Bloomberg. The Monday report also added that officials could possibly reach a deal as soon as mid-November.



OMV owns 75 per cent of Borealis, with the remainder held by ADNOC, while Borouge is a partnership between ADNOC and Borealis. The deal could value Borealis