Austria: Schoenherr advises OMV on regulatory filings regarding historic EUR 60bln combination of OMV subsidiary Borealis, ADNOC subsidiary Borouge and NOVA Chemicals

The agreement to establish the company was signed on 3 March 2025. Closing of the transaction, which is subject to attainment of all necessary regulatory approvals, is expected to occur in early 2026. In parallel, ADNOC intends to purchase all shares in the Canadian company NOVA Chemicals, with the shares later set to be transferred to Borouge Group International.

Schoenherr is advising OMV on all globally required regulatory procedures regarding the transaction, covering, inter alia, the European Commission as well other national competition authorities.

"We are delighted to be supporting OMV with yet another major transaction, the calibre of which serves as a testament to the expertise of our EU, competition and foreign trade team", said partner Franz Urlesberger, who leads the Schoenherr team advising OMV. Before this transaction, Schoenherr advised OMV on its takeover of sole control over Borealis, as well as on other strategic transactions of the group, including the optimisation of its filling station network in various countries and long-term sustainability projects, such as a geothermal energy joint venture with Wien Energie.

It is OMV's purpose to re-invent essentials for sustainable living. OMV is transitioning to become an integrated sustainable chemicals, fuels and energy company with a focus on circular economy solutions. By gradually switching over to the low carbon business, OMV is striving to achieve net zero by 2050 at the latest. In 2024, the company generated revenues of EUR 34bln with a diverse and talented workforce of around 23,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and in the US as American Depository Receipts (OMVKY). For more information, please visit www.omv.com. OMV's press release on the deal can be found here.

Abu Dhabi National Oil Company (ADNOC) is the state-owned oil and gas company of the United Arab Emirates and the country's largest oil and gas producer.

The Schoenherr EU, competition and foreign trade team advising OMV is being led by Franz Urlesberger (partner) and further includes Johannes Frank (partner), Bianca Duca (attorney at law) and Maha Zöhrer (attorney at law).