Austria’s OMV AG is entering talks with Abu Dhabi National Oil Co. about combining some of their assets to create a chemicals and plastics giant.
OMV’s executive board decided to pursue negotiations with state-owned Adnoc about a potential merger of Borouge Plc and Borealis AG, it said in a statement Friday, confirming a Bloomberg News report. They would combine the operations to become equal partners in a listed entity that will be a global player in the market for polyolefins — widely used in packaging — according to the statement.
