US, China approve IPIC’s takeover of NOVA Chemicals

12 June 2009 14:11  [Source: ICIS news]

TORONTO (ICIS news)--Regulatory authorities in the US and China have cleared the $2.3bn (€1.6bn) takeover of NOVA Chemicals by Abu Dhabi’s International Petroleum Investment Company (IPIC), the Canadian petrochemicals producer said on Friday.

The US Committee on Foreign Investment and China’s Ministry of Commerce had cleared the transaction which was first announced in February, NOVA said. 

Pending remaining regulatory approvals, the deal was expected to close by the end of June, the company said.

($1 = €0.71)

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By: Stefan Baumgarten
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