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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
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If a green pivot is to happen, power grids must become “supergrids,” continent-spanning networks that can move green energy thousands of miles. The technology is here, but politics may stand in the way.
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The current proposal envisions OMV injecting about €1.7 billion of cash into the joint company to ensure its stake is equal to Adnoc.
Abu Dhabi National Oil Co. and Austria’s OMV AG are putting the final touches on a deal to create a petrochemical firm worth more than €30 billion ($32 billion), according to people with knowledge of the matter.
Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details of the planned merger of Abu Dhabi-listed Borouge Plc with Borealis AG, the people said. They’re aiming to reach an agreement before year-end on the proposal, which could see Adnoc and OMV each hold 47% of the combined entity, the people said. That would leave 6% as free float.