The Financial Times reported that talks related to a planned merger agreement worth $30 billion between the chemical units of the Abu Dhabi National Oil Company “ADNOC” and the Austrian company OMV have faltered over the past weeks.
The newspaper, citing people familiar with the matter, said that negotiations were temporarily halted to allow the parties to overcome a series of disagreements, which included the name of the combined unit in the announcement of the final deal.
The Financial Times said it was still possible to resume talks and eventually reach an agreement.
OMV explained to Reuters: “The negotiations are ongoing and open, and we cannot comment further.” While ADNOC did not comment on the news.
Reuters had previously reported that there were a number of points of disagreement between the two companies, including a clause related to job guarantees in Austria, the requirement for listing in Vienna and the presence of an Austrian president for the new company.
Last July, ADNOC entered into negotiations with OMV about the possibility of establishing a new petrochemical holding entity, through the proposed merger of their current shares in Borouge and Borealis.
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