European Commission approves NOVA takeover by IPIC, OMV

27 October 2009 18:53  [Source: ICIS news]

TORONTO (ICIS news)--The European Commission approved the acquisition of joint control of Canada’s NOVA Chemicals by the Abu Dhabi-based International Petroleum Investment Co (IPIC) and by Austria’s oil and petrochemicals major OMV, it said on Tuesday.

Earlier reports have not mentioned OMV's role in the $2.3bn (€1.5bn) deal.

A spokesperson for Vienna-based OMV told ICIS news she would seek to clarify the reference to OMV in the Commission's clearance notice.

A NOVA spokeswoman said she had not seen the notice but would make inquiries.

The Commission cleared the transaction for NOVA under the EU’s simplified merger review procedure, it said.

NOVA has production in Europe through its INEOS NOVA styrenics joint venture.

IPIC is a 19.2% stakeholder in OMV, according to OMV's latest annual report. IPIC is also a stakeholder in Austria-based plastics major Borealis.

($1 = €0.67)

For more on NOVA visit ICIS company intelligence
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By: Stefan Baumgarten
+1 713 525 2653

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