The Abu Dhabi National Oil Company (ADNOC) announced today that its acquisition of OCI’s 50% plus one share stake in Fertiglobe, initially disclosed in December 2023, has received all necessary approvals and is set to close on Tuesday, October 15, 2024.
To facilitate the transaction, a block trade will be initiated on the Abu Dhabi Securities Exchange (ADX) today, Friday, October 11, 2024, and is expected to settle on the closing date of Tuesday, October 15.
Upon completion of the acquisition, ADNOC’s stake in Fertiglobe will rise to 86.2%, while the free float on ADX will remain at 13.8%.
Fertiglobe’s management will conduct a webcast for investors and analysts on Tuesday, October 15, where they will present the company’s vision for further growth and value creation.
ADNOC has significantly expanded its petrochemical operations. In a major step toward diversification, ADNOC acquired German chemicals maker Covestro for $16.3 billion earlier this year. This acquisition marks the largest in ADNOC’s history and stands as one of the most significant foreign takeovers by a Gulf state.
Alongside the Covestro deal, ADNOC has been actively pursuing other strategic ventures in Europe. The company has engaged in discussions with Austria’s OMV to merge their petrochemical joint ventures, Borealis and Borouge. ADNOC also acquired a 24.9% stake in OMV from Abu Dhabi sovereign fund Mubadala in February.
