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NOVA Chemicals is a company with Canadian roots, but the headquarters are now in Pittsburgh, PA.
IPIC is wholly owned by the Government of Abu Dhabi. Not a very large acquisition [compared to the money Abu Dhabi was conned into stuffing into the dying banks], but a sign that the sensitivities to Arabs buying USA headquartered, international companies is not what it used to be.
IPIC is wholly owned by the Government of Abu Dhabi. Not a very large acquisition [compared to the money Abu Dhabi was conned into stuffing into the dying banks], but a sign that the sensitivities to Arabs buying USA headquartered, international companies is not what it used to be.
IPIC to buy NOVA Chemicals for $2.3 bln, including debt
By Christopher Hinton
Last update: 8:45 a.m. EST Feb. 23, 2009
NEW YORK (MarketWatch) -- Canadian-based International Petroleum Investment Co. said Monday it will buy NOVA Chemicals Corp. for $6 a share in an all-cash transaction in a $2.3 billion deal, including the assumption of debt. The price being paid represents a 348% premium to NOVA's closing price on Friday. "NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America," IPIC said in a statement. NOVA will continue to operate as an independent chemicals and plastics company, and will continue to invest in its Alberta and Ontario facilities. Shares of NOVA rose 321% in premarket trading to $5.65.
By Christopher Hinton
Last update: 8:45 a.m. EST Feb. 23, 2009
NEW YORK (MarketWatch) -- Canadian-based International Petroleum Investment Co. said Monday it will buy NOVA Chemicals Corp. for $6 a share in an all-cash transaction in a $2.3 billion deal, including the assumption of debt. The price being paid represents a 348% premium to NOVA's closing price on Friday. "NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America," IPIC said in a statement. NOVA will continue to operate as an independent chemicals and plastics company, and will continue to invest in its Alberta and Ontario facilities. Shares of NOVA rose 321% in premarket trading to $5.65.