Abu Dhabi National Oil Company (ADNOC) and Austria’s OMV have agreed to merge their polyolefin businesses to form Borouge Group International, valued at over $60 billion. The new entity will acquire Canada’s NOVA Chemicals Corporation for $13.4 billion, including debt, expanding its footprint in North America.
ADNOC and OMV will each hold approximately 47% of Borouge Group International, with the remaining shares publicly traded. The company will be headquartered in Vienna and Abu Dhabi, with plans to be listed on the Abu Dhabi Securities Exchange and have a potential secondary listing on the Vienna Stock Exchange.
The merger combines ADNOC’s Borouge and OMV’s Borealis units, creating the world’s fourth-largest producer of polyolefins, materials used in products ranging from packaging to automotive parts. The integration is expected to yield annual cost savings of approximately $500 million.
The transaction, subject to regulatory approvals, is anticipated to close in the first quarter of 2026.
