Borouge Group International to acquire NOVA Chemicals for $13.4bn.

Borouge Group International, a new joint venture formed by OMV and ADNOC, agreed to acquire NOVA Chemicals, a Canadian petrochemical company, for $13.4bn. The joint venture company shall be listed on the Abu Dhabi Securities Exchange with the intent for a later listing also on the Vienna Stock Exchange. The joint venture company shall have its seat and headquarters in Austria. The right to appoint the chairperson of the supervisory board of the joint venture company shall vest with ADNOC.