IPIC Concludes $2.3b Buy-out Deal for NOVA Chemicals |
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ABU DHABI - International Petroleum Investment CompanyInternational Petroleum Investment Company
, or IPICIPIC, has completed on Tuesday the acquisition of Canada's NOVA Chemicals Corporation for $2.3 billion.
The acquisition has been implemented by way of a court-approved plan under the Canadian Business Corporations Act, says a news release posted on company's Web site.
IPICIPIC has agreed to a $250 million credit backstop facility to provide NOVA Chemicals with sufficient liquidity. Pursuant to the arrangement, a wholly-owned subsidiary of IPICIPIC acquired all of NOVA Chemicals' issued and outstanding common shares for $6 per share. Last week IPICIPIC raised $5 billion from international banks to finance its acquisition.
"This acquisition will provide enhanced balance sheet strength for NOVA Chemicals and facilitate its growth internationally. We can provide stability and allow the company to meet its operational and financial requirements while continuing to expand and invest in its business," stated Managing Director of IPICIPIC, Khadem Al Qubaisi. NOVA Chemicals is one of North America's leading plastics and chemicals companies, developing and manufacturing materials for customers worldwide that produce consumer, industrial and packaging products.
By Haseeb Haider
© Khaleej Times 2009
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