Abu Dhabi National Oil Co. and OMV Aktiengesellschaft (WBAG:OMV) are putting the final touches on a deal to create a petrochemical firm worth more than ?30 billion ($32 billion), according to people with knowledge of the matter. Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details of the planned merger of Abu Dhabi-listed Borouge plc (ADX:BOROUGE) with Borealis AG, the people said.

They?re aiming to reach an agreement before year-end on the proposal, which could see Adnoc and OMV each hold 47% of the combined entity, the people said. That would leave 6% as free float.