UAE’s ADNOC mulls takeover of Dutch chemical maker OCI: Bloomberg

UAE’s ADNOC mulls takeover of Dutch chemical maker OCI: Bloomberg

State-owned Abu Dhabi National Oil Co. (ADNOC) is planning a potential takeover of Dutch fertiliser and chemical maker OCI NV, as part of its diversification drive, Bloomberg reported.

The two companies are working with advisers and have held preliminary talks about a possible transaction, the report said, citing informed sources.

Deliberations are ongoing, and there’s no certainty they will lead to a transaction, Bloomberg said.

Shares of the Dutch-listed OCI have declined 38% this year, resulting in a market value of roughly €4.4 billion ($4.8 billion), Bloomberg said.

Moreover, ADNOC may opt to buy significant assets from OCI instead of acquiring the entire company, sources told the news agency.

OCI, backed by Egyptian billionaire Nassef Sawiris, has been reviewing options, including asset disposals, as part of a strategic review and may engage with different suitors, the report added.

(Editing by Seban Scaria [email protected])

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