OMV Subsidiary Merges
Austria’s New Global Corporation: First Details
By the end of March, the fourth-largest plastics company, Borouge Group International, is set to be headquartered in Vienna. The management team is now finalized: Prominent Austrians are on board the supervisory board and executive board.
Borouge Group International, or BGI for short, is the name of Austria’s future largest industrial conglomerate, which is set to be established by the end of March. As the “Krone” has learned, the management of the new chemical giant has now been finalized behind the scenes. American Roger Kearns will become CEO, while Austrian Stefan Doboczky will serve as Deputy CEO and thus the number two at the world’s fourth-largest plastics manufacturer.
Hlawati and Knill on the Supervisory Board
Two other Austrians will help shape the future of the new chemical group: Edith Hlawati, head of the state holding company ÖBAG, is set to join the BGI supervisory board, as is Georg Knill, president of the Federation of Austrian Industries. Another success in the negotiations is seen as the fact that the valuable core of the business—research and development—as well as the headquarters will be based in Austria.
The new industrial giant is emerging from the merger of OMV subsidiary Borealis with Abu Dhabi-based Borouge and the Canadian chemical group Nova Chemicals. The Abu Dhabi National Oil Company (Adnoc), owner of Borouge and indirectly of Nova Chemicals, has been OMV’s largest shareholder alongside the Republic of Austria for years. OMV, in turn, is contributing its chemical subsidiary Borealis and billions of euros to this merger “among equals.”
Negotiation success for OMV
As a compromise, Roger Kearns, the former CEO of the Canadian company Nova Chemicals, has been agreed upon as the new BGI boss. Stefan Doboczky, currently CEO of Borealis and former CEO of Lenzing AG, will be responsible for the group’s commercial affairs as Deputy CEO and CCO. In addition, there will be two non-executive board members: a manager from Abu Dhabi will serve as COO, and an external manager as CFO.
The outcome is considered a negotiating success for OMV as well as the state holding company ÖBAG, and thus also for Minister of Economic Affairs Wolfgang Hattmannsdorfer, who was personally involved.
The goal of the merger was to create one of the largest plastics manufacturers with locations on several continents. Its main products are polyolefins, which are needed for many everyday items. The OMV subsidiary Borealis held the record for new patents in 2025 and has earned an international reputation as an innovative group.
The new industrial giant BGI is set to go public in 2027, once the global situation has calmed down somewhat, and is expected to reach a value of over 50 billion euros.
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