IPIC closes on $2.3bn takeover of Canada's NOVA Chemicals

06 July 2009 18:32  [Source: ICIS news]

HOUSTON (ICIS news)--The Abu Dhabi-based International Petroleum Investment Co (IPIC) closed on its $2.3bn (€1.66bn) takeover of Canada’s NOVA Chemicals, the company said on Monday.

“We are very pleased to complete this transaction, and we are excited about the future opportunities for NOVA Chemicals to grow in Alberta and elsewhere,” said Chris Pappas, CEO of NOVA.

The deal was first announced in February and was approved by NOVA shareholders in April.

The deal received regulatory approval from Canada on Friday, clearing the final hurdle after authorities in the US, Europe, China and elsewhere had given their go-ahead in earlier weeks, NOVA said.

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

($1 = €0.72)

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By: Ben DuBose
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