IPIC gets go-ahead for Nova Chem acquisition

Canadian plastics company Nova Chemicals Corp., announced that it has received a go-ahead from Chinese Ministry of Commerce and the United States Committee on Foreign Investment for its takeover by Abu Dhabi investment firm International Petroleum Investment Co. In February, IPIC agreed to acquire all of the outstanding common shares of NOVA Chemicals at a price of $6 per share in cash. The transaction is valued at approximately US$2,300 mln, including the assumption of debt. The deal is expected to close around the second quarter of 2009.
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