ADNOC, OMV look to buy Nova Chemicals

Abu Dhabi National Oil Company (ADNOC) and the Austrian refiner OMV are contemplating the purchase of the Canadian petrochemical producer Nova Chemicals from the Abu Dhabi sovereign wealth fund Mubadala Investment. The purchase would be related to the potential merger of the petrochemical makers Borealis and Borouge, which ADNOC and OMV are negotiating. Such a deal would create a larger petrochemical maker and untangle the firms’ complicated ownership structure: Borealis is owned 75% by OMV and 25% by ADNOC. Abu Dhabi–based Borouge, in turn, is owned 54% by ADNOC and 36% by Borealis. ADNOC would combine Nova with Borealis and Borouge, creating a firm with nearly $17 billion in sales, based on 2023 results.