Canadian officials approve Nova Chemicals deal

04 Jul '09

1 min read

NOVA Chemicals Corporation (NOVA Chemicals) announced that all regulatory approvals required to complete the acquisition of NOVA Chemicals by International Petroleum Investment Company (IPIC) have been received. The final approval was received today from the Canadian Minister of Industry under the Investment Canada Act.

IPIC will, directly or indirectly, pay US $6.00 in cash for each of the issued and outstanding common shares of NOVA Chemicals. NOVA Chemicals' shareholders previously approved the arrangement involving IPIC at a shareholders meeting held on April 14, 2009. NOVA Chemicals anticipates that the closing of the arrangement will occur on or about July 6, 2009.

NOVA Chemicals develops and manufactures chemicals, plastics and end-products that make everyday life safer, healthier and easier. NOVA Chemicals' employees work to ensure health, safety, security and environmental stewardship through its commitment to Responsible Careâ. NOVA Chemicals shares are traded as NCX on the Toronto and New York stock exchanges.

NOVA Chemicals Corporation

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