ADNOC and OMV's $30 billion chemicals deal stalls

Talks relating 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 over recent weeks, the Financial Times reported on Friday.

The negotiations have paused to allow the parties to navigate a series of disagreements, which include the name of the merged unit in the final deal announcement, the report said, citing people familiar with the matter.

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

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

ADNOC did not immediately respond to a Reuters request for comment.

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.

Last July, OMV entered into talks to merge petrochemicals group Borealis - which OMV and ADNOC own in a 75:25 split - and Borouge, listed in Abu Dhabi and 54:36, owned by ADNOC and Borealis.

Reuters