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Final Regulatory Approval for Nova Chemicals Transaction with IPIC Received
July 6, 2009
1 Min Read
NOVA Chemicals Corp. has announced that all regulatory approvals required to complete the acquisition of Nova Chemicals by International Petroleum Investment Co. (IPIC) have been received. The final approval was received July 3 from the Canadian Minister of Industry under the Investment Canada Act.
IPIC will, directly or indirectly, pay $6 in cash for each of the issued and outstanding common shares of Nova Chemicals. Nova’s shareholders previously approved the arrangement involving IPIC at a shareholders meeting held on April 14, 2009. Nova anticipates that the closing of the arrangement will occur on or about July 6, 2009.
For more information, visit www.novachemicals.com.
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