IPIC of of Abu Dhabi Acquires NOVA Chemicals
IPIC and NOVA Chemicals Announce Friendly, Recommended All-Cash Acquisition of NOVA Chemicals
International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation announced today that they have entered into an agreement providing for the acquisition by IPIC of all of NOVA Chemicals' outstanding common shares for a cash consideration of US$6.00 per Share. The acquisition will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange and NYSE up to and including February 20, 2009. The total value of the Arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion.
NOVA Chemicals will continue to manage its operations and set its business objectives from North America.
International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation announced today that they have entered into an agreement providing for the acquisition by IPIC of all of NOVA Chemicals' outstanding common shares for a cash consideration of US$6.00 per Share. The acquisition will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange and NYSE up to and including February 20, 2009. The total value of the Arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion.
NOVA Chemicals will continue to manage its operations and set its business objectives from North America.
About IPIC
IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long-term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and operating resources of companies in IPIC's portfolio and Abu Dhabi's feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008). Its estimated net worth is more than US$14 billion.
source: http://kaznak.web.infoseek.co.jp
