Abu Dhabi, OMV in talks to form $30 billion chemicals giant

Dubai: Abu Dhabi and Austria’s OMV are exploring a combination of Borouge and Borealis to create a chemicals and plastics company worth more than $30 billion, Bloomberg News reported on Tuesday.

The two parties are discussing a possible Borealis valuation of about $10 billion, including its Borouge stake, the report said, adding that the overall valuation of the combined entity could ultimately exceed $30 billion.

The owners are discussing the potential valuation and ownership structure of a combined entity and may reach the broad outlines for formal merger negotiations in the coming weeks, the report said, citing unnamed sources.