The merger deal between the Abu Dhabi National Oil Company (ADNOC) and OMV has stalled, the Financial Times reported on Friday. People familiar with the matter claimed that "the negotiations have cooled to allow both sides to navigate a series of disagreements."
One of the issues is a deal announced in December 2022 that would see ADNOC take a 24.9% stake in the Austrian oil and gas giant. According to the report, that agreement is "taking longer than expected," impacting other parts of the complex negotiation. OMV told the FT that it is in "ongoing and open-ended negotiations and cannot comment further."
