Canada's petrochemical major NOVA Chemicals recently announced that it obtained an interim order of the Court of Queen's Bench of Alberta related to its proposed US$2.3 bln acquisition by Abu Dhabi's International Petroleum Investment Co. (IPIC). The interim order provides for, among other things, the holding of an annual and special meeting of holders of common shares of NOVA Chemicals to approve the previously announced arrangement under the Canada Business Corporations Act involving International Petroleum Investment Company (IPIC). Accordingly, the annual and special meeting of shareholders is scheduled to be held at NOVA Chemicals' executive office located at 1555 Coraopolis Heights Road, Moon Township, Pennsylvania, on April 14, 2009.
In February, just as the Canadian petrochem maker was on brink of bankruptcy, Abu Dhabi's International Petroleum Investment Co. roped in to acquire Nova in a US$2.3 bln deal. Nova was mulling taking the Chapter 11 route while also searching for a suitable deal. The completion of the arrangement is subject to certain conditions, including the receipt of the requisite approval from NOVA Chemicals' shareholders, the final approval of the Court of Queen's Bench of Alberta and other required regulatory approvals. If all necessary approvals are obtained and the conditions to the completion of the arrangement are satisfied or waived, it is expected that the arrangement will be completed in the second quarter of 2009. As a result, the Board of Directors of NOVA Chemicals has determined not to declare or pay any dividends on the common shares of NOVA Chemicals pending the completion of the arrangement.