MNI China Daily Summary: Wednesday, February 19

MNI BRIEF: China Jan Utilised FDI Lower Than Last Year

MNI BRIEF: China Unveils Plan To Attract Foreign Investors

MNI BRIEF: China To Ensure Credit Supply For Private Companies

MNI BRIEF: China Bond Connect Holdings Down In January

MNI: China Tier-one Housing Markets Likely To Stabilise

MNI: US REDBOOK: FEB STORE SALES +5.8% V YR AGO MO

MNI: US JAN HOUSING STARTS 1.366M; PERMITS 1.483M

EZ/UK Bond Supply Calendar: IT Piu; SP, FR Due Thursday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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ENERGY SECTOR: OMV And ADNOC Consider JV For Nova Chemicals Acquisition

ENERGY SECTOR
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Nova Chemicals looks to be <10% the size of OMV. No proposed terms given.

  • OMV & ADNOC considering a JV to acquire Nova Chemicals, the private Canadian producer of polyethylene and styrene owned by Abu Dhabi-backed SWF, Mubadala.
  • OMV itself is 25% owned by the Abu Dhabi National Oil Company (ADNOC) after Mubadala transferred its ownership in 2024.
  • Would integrate with both Borealis (a 75%/25% OMV/ADNOC JV) and Bourouge (a 54%/36% ADNOC/Borealis JV). ADNOC and OMV have discussed merging these two since 2023.
  • Novo Chemicals reported FY23 revenue of USD 3.4bn with CFO of USD 0.5bn compared to OMV’s USD 40.5bn and USD 5.7bn. Nova is rated Ba3/BB-/BB- with USD lines only; 2023 total assets of USD 10.1bn with USD 4.1bn in total debt.
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Nova Chemicals looks to be <10% the size of OMV. No proposed terms given.

  • OMV & ADNOC considering a JV to acquire Nova Chemicals, the private Canadian producer of polyethylene and styrene owned by Abu Dhabi-backed SWF, Mubadala.
  • OMV itself is 25% owned by the Abu Dhabi National Oil Company (ADNOC) after Mubadala transferred its ownership in 2024.
  • Would integrate with both Borealis (a 75%/25% OMV/ADNOC JV) and Bourouge (a 54%/36% ADNOC/Borealis JV). ADNOC and OMV have discussed merging these two since 2023.
  • Novo Chemicals reported FY23 revenue of USD 3.4bn with CFO of USD 0.5bn compared to OMV’s USD 40.5bn and USD 5.7bn. Nova is rated Ba3/BB-/BB- with USD lines only; 2023 total assets of USD 10.1bn with USD 4.1bn in total debt.