ADNOC has upper hand in $30 bln plastics M&A

ADNOC may merge Borouge and Borealis, the petrochemicals firms it co-owns with Austria’s OMV. Simplification helps both state-owned groups, but neither Vienna nor Abu Dhabi will want to be the minority player, says KarenKKwok

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Breakingviews - ADNOC has upper hand in $30 bln plastics M&AA merger of two companies can be a headache; a merger of two countries even more so. The state-owned Abu Dhabi National Oil Company (ADNOC) and $15 billion OMV , 32% held by the Austrian state, are in talks to merge the two petrochemical companies they cross-hold, Borouge and Borealis, into an entity that would be worth over $30 billion. The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand.
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