Österreichische Beteiligungs AG (ÖBAG) believes that the completion of the transaction establishing Borouge International by OMV and ADNOC will greatly enhance Austria’s appeal as a business location.

The new company based in Austria will be created by the merger of Borealis, Borouge and NOVA Chemicals, making it the fourth largest polyolefin company in the world. ÖBAG not only played a key role in initiating this transaction, but defined from the very start an “Austria benefits package" as a condition for the merger. The terms of the transaction stipulate that the company will be headquartered in Austria, with the aim to achieve a dual listing on the Vienna Stock Exchange, positively impacting the Austrian capital market, whilst major research activities will remain in Linz. ÖBAG, as a Supervisory Board member with a 31,5% stake in OMV, will monitor implementation of the “benefits package” for Austria.

"Today's finalization of the transaction is one of the most important milestones in the history of Austria’s industrial sector," said ÖBAG CEO Edith Hlawati. “As of today, we have a global champion located in Austria – with growth ambitions for North America and Asia as well. The strategy secures jobs for highly qualified staff and critical cutting-edge research in the chemical industry to be conducted in Austria. The country will gain international visibility with BI headquarters in Austria.”

Edith Hlawati commended the “extremely professional handling” of the merger of the three companies that preceded the establishment of BI. “From my own experience, I understand the enormity of the task and would like to express my highest admiration for the Management Board and the entire OMV team.” Edith Hlawati also stressed the excellent cooperation with the syndicate partner ADNOC. “BI from its homebase in Austria will be a driver of progress in many fields and will stimulate Austria’s business sector. Top performance leads to more top performance,” said Hlawati.