NOVA Chemicals, IPIC merger on track to close in second quarter

By Lisa Kerner

Charlotte, N.C., June 12 - The Chinese Ministry of Commerce and the U.S. Committee on Foreign Investment have granted their approvals for the proposed merger of NOVA Chemicals Corp. and International Petroleum Investment Co., NOVA announced on Friday.

The transaction is slated to close around the end of the second quarter of 2009, NOVA said, pending remaining regulatory approvals.

On Feb. 23, IPIC announced it agreed to acquire NOVA for $6 per share in a court-approved plan of arrangement under the Canada Business Corporations Act.

The total value of the arrangement, including the assumption of NOVA's net debt, is approximately $2.3 billion.

In April, NOVA said its shareholders passed a special resolution to approve the acquisition.

IPIC, wholly owned by the Government of the Emirate of Abu Dhabi, invests in the hydrocarbon sector outside Abu Dhabi.

Pittsburgh-based NOVA Chemicals is a producer of plastics and chemicals.

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