Abu Dhabi government-owned International Petroleum Investment Company (IPIC) has completed the acquisition of Canadian plastics maker NOVA Chemicals, the two companies jointly announced. NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base. a wholly-owned subsidiary of IPIC acquired all of NOVA Chemicals issued and outstanding common shares for US $6.00 per share. The value of the transaction stood at approximately US$2,300 mln, including the assumption of debt. De-listing of the common shares from the Toronto Stock Exchange and the New York Stock Exchange is expected to occur shortly, the companies announced. NOVA Chemicals acquisition will add to IPIC's existing petrochemical portfolio by providing access to North American markets and the entire value chain.
07-Jul-09 
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