NOVA Chemicals Announces Its Acquisition

Feb. 24, 2009
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.”
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