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Sovereign Wealth Funds Briefing - Categorized | Investment

Abu Dhabi IPIC may close on NOVA within 75 days

Posted on 24 February 2009

From ICIS news: The acquisition of NOVA Chemicals by an Abu Dhabi sovereign wealth fund could close in 60-75 days, giving the Canadian producer a financial lifeline and the Abu Dhabi fund access to technology, NOVA CEO Jeff Lipton said on Monday.

The fund, the International Petroleum Investment Co (IPIC), plans to buy NOVA Chemicals in a $2.3bn (€1.8bn) deal worth $6/share, a premium of almost 3.5 times higher than the company’s Friday close on the New York Stock Exchange….. Full Article: Source


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