IPIC given US antimonopoly clearance for NOVA deal

30 March 2009 22:51  [Source: ICIS news]

HOUSTON (ICIS news)--The Abu Dhabi-based International Petroleum Investment Co (IPIC) received US antimonopoly clearance to complete its $2.3bn (€1.7bn) acquisition of Canadian producer NOVA Chemicals, regulators said on Monday.

The approval was posted Monday on the US Federal Trade Commission (FTC) website.

NOVA has already said that its board approves the deal.

The next step in the acquisition process will be a vote from NOVA shareholders on 14 April, in which a two-thirds majority is required to proceed.

($1 = €0.75)

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By: Ben DuBose
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