abu-dhabis-ipic-to-buy-nova-chemicals

Abu DhabiÆs IPIC to buy Nova Chemicals

The Nova Chemicals deal continues a trend of Abu Dhabi companies making acquisitions in Canada.

Abu Dhabi's International Petroleum Investment Company IPIC has entered into an agreement to purchase Canada's Nova Chemicals in a deal valued at $2.3 billion, which includes the acquirer taking on the target's debt. This continues a trend of the wealthy emirate making acquisitions in Canada.

The sale is going ahead at a price of $6 per share for Nova shares traded on the New York Stock Exchange, which represents a 348% premium to the closing price on February 20 and a 204% premium above the combined and currency-adjusted 30-day volume-weighted average price of the company's shares in New York and Toronto.

In response to the news of the deal, Nova NYSE-listed shares rallied 288%...

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