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Monday, February 23, 2009

IPIC, wholly owned by the government of the Emirate of Abu Dhabi offers to buy Nova Chemicals

TORONTO, Feb 23 (Reuters) - Nova Chemicals Corp said on Monday that it agreed to be bought by International Petroleum Investment Company in a deal which valued it at about $2.3 billion including debt. The deal sees IPIC, wholly owned by the government of the Emirate of Abu Dhabi, paying $6.00 a share for all of the outstanding shares of Nova Chemicals.Nova currently has 82.3 million shares outstanding, according to Reuters.Nova closed on Friday at $1.34 a share in New York.
($1=$1.25 Canadian)

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