18 July 2007 17:07 [Source: ICIS news]
TORONTO (ICIS news)--?xml:namespace>
Basell’s acquisition of Lyondell this week was fuelling further consolidation in the chemical industry, with
An analysis of the Lyondell deal and the price paid by Basell suggested a strategic buyer could value NOVA’s shares in the $50.00-$55.00 range, the analysts said.
A spokesperson for Calgary, Alberta-based NOVA could not immediately be reached for comment on Wednesday. NOVA had said previously it would not comment on such speculation.
NOVA has often been the target of takeover rumours, with analysts and press having linked it to India's Reliance and Sa
In a separate note on Tuesday, HSBC said the Basell/Lyondell deal, and Hexion's acquisition of Huntsman last week, were set to bolster the valuations of some North American chemicals makers.
The London-based international bank cited NOVA, but also Westlake, the Houston-based olefins and vinyls maker.
NOVA's shares were priced at $40.48, up 2.12%, in Wednesday morning trading in
Westlake was priced $29.30, down 0.71%, after rising 8% on Tuesday.
($1 = €0.73)
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