NOVA Chemicals Announces Its Acquisition

International Petroleum Investment Co. (IPIC) and NOVA Chemicals Corp. announced Feb. 23 that IPIC will acquire all of NOVA Chemicals’ outstanding common shares for a cash consideration of US$6 per share.
According to the companies, 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 that are primarily in North America. IPIC is a wholly owned by the Government of the Emirate of Abu Dhabi.

The acquisition is intended to enable NOVA Chemicals to meet all of its obligations to all of its stakeholders and will strengthen NOVA Chemicals’ balance sheet so that its strong assets will continue to operate and expand.

Under the arrangement, NOVA Chemicals will operate as an independent chemicals and plastics company. It will continue to invest substantially in its Alberta and Ontario operating facilities, and also in its large and very productive research and development facilities in Calgary, Alberta.

NOVA Chemicals will continue to manage its operations and set its business objectives from North America. IPIC has no plans to change the current operations of NOVA Chemicals, and the current President and COO, Chris Pappas is expected to remain with the company as CEO upon the previously announced retirement of Jeff Lipton on May 1, 2009.

“The opportunity to join IPIC comes at a good time for NOVA Chemicals and will enable us to offer both stability and long-term growth to many of our stakeholders,” said Lipton. “IPIC is well financed and has a track record of working successfully with companies like ours.”
 

NOVA Chemicals is a
CP 50 company. To view NOVA Chemical's profile page, visit: http://www.chemicalprocessing.com/cp50/2008/nova_chemicals.html.
To view the CP 50 list, visit: http://www.chemicalprocessing.com/cp50/index.html.

More News:

  • DuPont Challenge Encourages Entries For 2015 Competition

    The DuPont Challenge encourages students to develop a better understanding and passion for STEM by researching and writing an informative essay offering solutions to today’s challenges regarding food, energy, protection and innovation, or a story on a science discovery.

  • SOCMA Hosts 93rd Annual Dinner And Awards Showcase

    The Society of Chemical Manufacturers and Affiliates (SOCMA) is returning to the New York Marriott Marquis Times Square on December 8, 2014, for its 93rd Annual Dinner honoring Performance Improvement Award winners and featuring a Leadership and Business Development Speaker Showcase.

  • Summit Features Bio-Based Tech Startups

    The 6th Next Generation Bio-Based & Sustainable Chemicals Summit, February 3 – February 5, 2015, in New Orleans, LA brings together bio-based tech startups, specialty chemical manufacturers, chemical majors, feedstock providers, financiers and strategic venture capitalists to explore bio-based chemicals.

  • Flint Hills Resources Will Cease Marysville Operations

    Flint Hills Resources plans to close its Marysville, Michigan polypropylene facility.

  • EFCE Seeks Award Nominees

    Award honors outstanding thesis in thermodynamics or transport properties

  • British Safety Regulator Gets New Head

    Executive has worked in both the public and private sectors

  • AkzoNobel Partnership Investigates Waste As Feedstock

    AkzoNobel is part of a major Dutch partnership working with Canada's Enerkem to explore the use of waste streams as a feedstock for chemical production and the development of waste-to-chemicals facilities.

  • Scientist And CorningWare Inventor Stookey Dies

    S. Donald Stookey, credited with inventing CorningWare, died on Tuesday, November 4 at the age of 99.

  • DOE Funds New Gasification Research

    The Department of Energy announced new investments in gasification research.

  • SOCMA Awards Honor EHS&S Improvement

    More than 28 member facilities will receive 2014 Performance Improvement Awards for their outstanding commitment to continuous improvement in environmental, health, safety and security (EHS&S) practices at the Society of Chemical Manufacturers and Affiliates (SOCMA) 93rd Annual Dinner on December 8 in New York.

All news »

What are your comments?

Join the discussion today. Login Here.

Comments

No one has commented on this page yet.

RSS feed for comments on this page | RSS feed for all comments