The Supervisory Board of OMV has just approved the conclusion of the agreements between OMV and ADNOC for the combination of Borealis, Borouge and NOVA Chemicals under Borouge Group International as new, jointly controlled joint venture company of OMV and ADNOC.

The transaction is, inter alia, subject to negotiations and agreement with ADNOC on the implementation agreements, approvals of the implementation agreements by the Executive Board of OMV as well as by the corporate bodies of ADNOC, and approvals by authorities (such as merger control clearances or foreign direct investment approvals).