Borouge Group International plans to acquire Nova Chemicals Corp. for $13.4 billion, aiming to enhance its market presence and innovation capabilities in the polyolefin sector.

Overview of the Deal

In a strategic move to enhance their market presence, Borouge Group International, a joint venture between the Abu Dhabi National Oil Company (ADNOC) and OMV, is set to acquire Nova Chemicals Corp. for a total transaction size of $13.4 billion. The deal is expected to close in the first quarter of 2026 and aims to combine the polyolefins businesses of Borouge and Borealis to create a global leader valued at approximately $60 billion in the polyolefins market.

NOVA Chemicals Corp., based in Calgary, Alberta, is recognized as a leading producer in North America, specializing in the manufacture of chemicals and plastic resins, including polyethylene and ethylene. With an annual production capacity of 2.6 million tonnes of polyethylene and 4.2 million tonnes of ethylene, Nova's products serve numerous applications, particularly in packaging and consumer goods, making it a critical player in the industry.

Industry Overview in Canada

The Canadian chemical industry, particularly in the plastics sector, has shown significant resilience and growth over recent years. With Canada being one of the largest producers of petrochemicals, the nation's abundant