ADNOC's $30b chemicals tie-up with Austria's OMV stalls

By Reuters
Published : 23 Feb 2024 08:43 PM

Talks related to a planned $30 billion merger between the chemicals arms of Abu Dhabi National Oil Company (ADNOC) and Austrian oil and gas company OMV have stalled in recent weeks, the Financial Times reported on Friday.

The parties halted negotiations to navigate a series of disagreements, which include the name of the merged unit, the report said, citing people familiar with the matter.

It is still possible that talks will resume and a deal will eventually be reached, FT said.

"We are in ongoing and open-ended negotiations and cannot comment further," OMV said in an emailed statement to Reuters.

Reuters previously reported that there are a number of points of conflict between the firms, including a provision for job guarantees in Austria, a requirement for a Vienna listing, and an Austrian chairman of the new company.