Abu Dhabi: «Gulf»
Borouge, listed on the Abu Dhabi Stock Exchange, denied the news that was published in Bloomberg on July 4, regarding negotiations to merge the businesses of Borouge and Borealis.
The company stated, in a late disclosure on the Abu Dhabi Securities Exchange website, that it had no knowledge of the plans of any of the major shareholders to change the company’s ownership structure, according to what was stated in the published article.
The company affirmed its commitment to the highest levels of transparency in disclosing its information, noting that it will disclose to the market any new projects or investments that the company takes, according to the disclosure and transparency systems in force in the market.
It is noteworthy that Bloomberg had reported, on Tuesday, that the Abu Dhabi National Oil Company (ADNOC) is exploring, with the Austrian company, OMV, merging the businesses of Borouge and Borealis to create a chemicals and plastics entity worth more than $30 billion.
The sources indicated, according to Bloomberg, that the owners are discussing the potential valuation and ownership structure of a consolidated entity and may reach the outlines of formal merger negotiations in the coming weeks.
2023-07-06 20:18:44
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