NewsFlashNOVA shareholders approve IPIC bid

14 April 2009 20:22  [Source: ICIS news]

HOUSTON (ICIS news)--Shareholders of Canadian producer NOVA Chemicals approved the $2.3bn (€1.7bn) bid to acquire the company by Abu Dhabi’s International Petroleum Investment Co (IPIC), NOVA said on Tuesday.

The move was approved by approximately 98% of votes cast, the company said.

"The combination of NOVA Chemicals' assets and IPIC's financial strength should create a very strong company capable of taking advantage of growth opportunities in North America and internationally," said CEO Jeff Lipton. The transaction is expected to close in the second quarter, pending court and regulatory approvals.

($1 = €0.75)

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By: Ben DuBose
+1 713 525 2653



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