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.
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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)
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