14 April 2009 21:34 [Source: ICIS news]
HOUSTON (ICIS news)--NOVA Chemical’s incoming and outgoing chief executives presented an outlook of stability and opportunity on Tuesday after shareholders approved the company’s $2.3bn (€1.7bn) acquisition by Abu Dhabi’s International Petroleum Investment Co (IPIC).
“It is IPIC’s intent to continue operating in the current mode and with the same management team,” said Jeff Lipton, who is being replaced as chief executive by Chris Pappas.
“The transaction couldn’t have come at a better time,” Pappas said. “With the prospect of the IPIC transaction, we can now look strategically and invest in growth for high returns.”
He said key customers had responded positively to the deal, and that NOVA stood to gain sales as a result.
Unlike previous recessions, inventories have remained low throughout the supply chain, he said.
NOVA will continue restructuring its performance styrenics business as announced in the fourth quarter, Pappas said.
A 98% majority of shareholder votes were cast in favour of the IPIC acquisition, which is expected to close in the second quarter, pending court and regulatory approvals.
Over 1,100 shareholders attended the NOVA meeting, either in person or by proxy, representing nearly 67% of the common shares entitled to be voted.
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|