Shareholders of Nova Chemicals approve sale to IPIC

Shareholders of Nova Chemicals Corp. have approved the sale of the company to International Petroleum Investment Co (IPIC), an investment arm of the government of UAE. At US$6/common share, the deal is valued at US$2.3 bln, and is to be completed in late May or early June. The deal awaits Canadian and US regulatory approvals. Nova, which considered a bankruptcy filing among other options because of severe financing issues, should "benefit from financial stability and potential" under ownership by IPIC. Nova, which has plants in Canada, the United States and Europe, complements IPIC's own European, the Middle Eastern and Asian operations.
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