OMV completes billion-dollar merger: new mega-corporation in Vienna

The basis of the new company is the merger of the previous OMV subsidiary Borealis and the Abu Dhabi-listed manufacturer Borouge Plc. The new group then also took over the North American plastics manufacturer Nova Chemicals. OMV and XRG, the international investment arm of ADNOC, now control the company as equal partners with 50 percent each. OMV expects the merger to generate annual synergies of well over 500 million US dollars (461 million euros), 75 percent of which should be achieved in the first three years.

A share exchange offer planned for the Borouge free float to convert it into shares in the new holding company, together with an associated capital increase, was postponed to 2027 due to market conditions. Until then, Borouge Group International will remain a purely private company, while the old shares of Borouge Plc will continue to trade on the Abu Dhabi Stock Exchange. As planned, Roger Kearns will take over as CEO of the global group, which operates production sites on three continents.