M&As: Perstorp buys out minority partner at Chinese polyol site; Adnoc closes acquisition of stake in OMV

Sweden's Perstorp has closed a deal to buy out its minority partner in the joint venture Shandong Perstorp Chemical Co (formerly Shandong Fufeng Perstorp Chemical Co), which has owned and operated Site Zibo in China. Perstorp is now the sole owner of the polyol manufacturing operation, located in Zibo, Shandong province, about 400 km south of Beijing.

Shandong Fufeng Perstorp Chemical Co at Site Zibo was established as a joint venture between Perstorp and their Chinese partner Shandong Fufeng Hongjin Investment Co., Ltd. in 2007. Gaining full ownership will ensure that Perstorp can continue developing the site, and can aim to make substantial site upgrades to safeguard the competitiveness of the site, it adds.

Based on the company’s ambitious sustainability targets for 2030, Perstorp has developed actionable roadmaps outlining hands-on activities to lower greenhouse gas emissions, reduce waste, save fresh water and enable sustainable transformation throughout the value chain. For the operations at Site Zibo, the Scope 1 roadmap contains a number of projects designed to reduce emission while also minimizing waster production and water consumption.

As part of the deal, the operations at Site Zibo has changed its name to Shandong Perstorp Chemical Co. Its former name is Shandong Fufeng Perstorp Chemical Co.

In other news, Abu Dhabi National Oil Company (Adnoc) announced that it has formally closed the acquisition of a 24.9% shareholding in OMV, an energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company. Financial details were not disclosed.

Following the successful completion of the transaction, Adnoc owns 24.9% of OMV, while Österreichische Beteiligungs AG (ÖBAG), an Austrian independent holding company, holds 31.5%, with the remaining share capital in free float. Through this strategic investment in OMV, Adnoc has increased its shareholdings in both Borealis AG and Borouge plc, further bolstering its footprint in the chemicals sector, enabling synergies and unlocking significant growth opportunities across its broader chemicals portfolio, in particular at Borouge.

Adnoc intends to nominate two representatives to the OMV Supervisory Board in due course, in line with OMV’s governance processes.

Commenting on the successful closing, Khaled Salmeen, Executive Director, Downstream Industry, Marketing & Trading at Adnoc said: “Adnoc is proud to become a shareholder in OMV, a leading international energy and chemicals company, with whom we share a long-standing strategic partnership. Together, we have created significant value through our joint venture Borouge, and today’s investment will unlock further value and future growth opportunities for both companies. Building on our 25% shareholding in Borealis, this transaction marks the next transformative step as we accelerate our ambitious chemicals growth strategy, unlocking significant growth and value creation opportunities for Adnoc, OMV and their respective shareholders.”

This transaction represents the latest milestone in Adnoc’s ongoing value creation and international growth journey. Further cementing the strong ties between the United Arab Emirates (UAE) and Austria, the transaction reinforces Adnoc’s role as a primary catalyst for responsible, sustainable investment and value creation for Abu Dhabi, the UAE and its shareholders and partners.

Adnoc and OMV also continue to be engaged in open-ended negotiations about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge and Borealis.

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