NOVA Chemicals announce short extension for closing IPIC transaction

Canadian plastics maker NOVA Chemicals Corporation announced that International Petroleum Investment Company (IPIC) has agreed with the Investment Review Division of Industry Canada to an extension of its review under the Investment Canada Act of IPIC's acquisition of NOVA Chemicals until July 6, 2009. In April, Nova Chemicals announced its decision to be acquired by Abu Dhabi government-owned IPIC for US$500 mln. NOVA Chemicals expects to close the transaction with IPIC shortly after receipt of the Investment Canada Act approval. Additionally, NOVA Chemicals and its lenders have agreed to amended financial covenants for the remainder of 2009. NOVA Chemicals produces plastics and chemicals for customers involved in industrial and consumer packaging company.
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