July 10, 2025 14:45

The European Commission has approved, without conditions, the acquisition of Canadian petrochemical group Nova Chemicals by Abu Dhabi National Oil Company (ADNOC) and OMV. The deal is part of a broader merger plan announced in March that also involves polyolefin producers Borealis and Borouge.

The EU competition watchdog concluded that the transaction would not raise competition concerns, given the companies’ limited combined market position.

Headquartered in Alberta, Canada, Nova Chemicals produces ethylene and polyethylene, with capacities of 4.2 million and 2.6 million metric tons, respectively.

Under the plan, Borealis and Borouge will merge into a joint venture called Borouge Group International, jointly controlled by OMV and ADNOC, each holding a 46.94% stake. The joint venture will then acquire full control of Nova Chemicals, creating the world’s fourth-largest polyolefins producer, with 12.2 million metric tons per year of resin capacity plus 900,000 metric tons per year of compounds.

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