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IPIC completes $2.3-billion acquisition of Nova Chemicals.(BUSINESS & FINANCE NEWS: UNITED STATES/AMERICAS)
International Petroleum Investment Co. (IPIC; Abu Dhabi) says it has completed its acquisition of Nova Chemicals for $6/share in cash. Nova says it will continue to operate its chemicals and plastics business from its North American base.
The deal values Nova at $2.3 billion, including debt. IPIC is a sovereign fund that targets global petrochemical investments and has a controlling stake in Borealis (Vienna), which itself owns a 50% stake in Borouge (Abu Dhabi). "Nova Chemicals will complement IPIC's existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products," says IPIC …
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- North American competitiveness.(Nova Chemicals Corp. (Calgary, Alberta))
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Magazine article from: Chemical Week
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