Industry Proposed Adnoc-OMV entity targets Mubadala unit By Pramod Kumar February 2, 2025, 9:48 AM Reuters Negotiations to merge Borouge and Borealis companies are ongoing in a 'constructive and positive manner', said Adnoc The global polyolefins group proposed by Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV has set its eye on its first acquisition. The proposed merged entity will try to acquire Canada’s Nova Chemicals from Mubadala Investment Company as its first growth opportunity, Adnoc has confirmed in a statement. The Abu Dhabi oil company said negotiations to merge Borouge and Borealis companies are ongoing in a “constructive and positive manner”. The negotiations have been ongoing since 2023. In a statement, OMV said that the future potential of the polyolefin group, including Nova, will be subject to approvals by the corporate bodies of the respective parties involved and regulatory approvals, such as merger control clearances. No timeline for the deal’s conclusion was shared. Borealis is 75 percent owned by Austria’s OMV and 25 percent by Adnoc. In July 2024, a consortium, including Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Last October, Adnoc agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion), including debt, representing its largest acquisition to date.