Canada approves IPIC’s takeover of NOVA Chemicals

03 July 2009 21:50  [Source: ICIS news]

TORONTO (ICIS news)--Canada has approved the $2.3bn (€1.6bn) takeover of NOVA Chemicals by Abu Dhabi’s International Petroleum Investment Company (IPIC), NOVA said on Friday.

This was the final regulatory approval needed after authorities in the US, Europe, China and elsewhere had given their go-ahead in past weeks, NOVA said.

The company’s shareholders had approved in April.

NOVA expected to close the transaction on or about 6 July, it said. The deal was first announced in February.

NOVA is headquartered in the US, but it is originally a Canadian company and the bulk of its manufacturing is located in Canada.

In related news, the Financial Times reported on Friday that IPIC planned to raise $5bn in syndicated loan facilities to help finance the acquisition of NOVA, as well as its purchase of a stake in Spanish oil refiner Cepsa and other deals.

($1 = €0.71)

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By: Stefan Baumgarten
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