Just over the ticker. The expected reduction in the dividend from $OMV was not well received by the market
Vienna (pta023/19/03/2026/15:55 UTC+1)
With regard to the intended combination of Borealis, Borouge and Nova under Borouge Group International AG (BGI), OMV and Abu Dhabi National Oil Company (ADNOC) have agreed to adjust the planned timing of (i) the listing of BGI shares on ADX, (ii) the exchange offer to the current free float shareholders of Borouge plc to receive BGI shares in exchange for their Borouge plc shares and (iii) the capital increase at BGI level. The timing of the BGI Listing and the Exchange Offer is expected to be aligned with the BGI Capital Increase, which is currently expected to occur in 2027, subject to market conditions.
Furthermore, OMV and ADNOC have agreed on a temporary adjustment of BGI's dividend payments, which will result in a reduction of the dividend payable by BGI to OMV and ADNOC in 2026. The expected impact on OMV's dividend would amount to approximately EUR 0.6-0.7 per OMV share for 2026 (payable in 2027), based on a BGI contribution to OMV's dividend distribution of USD 250 mn instead of the previously assumed USD 500 mn.
Although ADNOC and OMV currently anticipate that the BGI Listing, the Exchange Offer and the BGI Capital Increase will take place in 2027, ADNOC and OMV have also agreed to discuss certain further shareholder support measures in 2027 to the extent necessary to maintain BGI's investment grade rating.
The foregoing is in particular subject to (i) the implementation of the contractual documentation with ADNOC and (ii) approvals by ADNOC's governing bodies.
