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Nova Chemicals Receives Approvals For Takeover

Fri, 06/12/2009 - 5:56am

PITTSBURGH (AP) — Nova Chemicals Corp., Canada's largest plastics producer, said Friday it received more regulatory approvals for its takeover by Abu Dhabi investment firm International Petroleum Investment Co.

The company said both the Chinese Ministry of Commerce and the United States Committee on Foreign Investment have cleared the transaction.

Nova Chemicals agreed to be acquired by International Petroleum for $6 per share, or about $499.2 million, in February. Nova, whose executive offices are in Pittsburgh, has been hurt by slumping prices and weaker demand for plastics amid a worldwide economic slowdown.

Nova shares haved rallied since the deal was announced, from $1.34 to close at $5.89 on Thursday.

The deal is expected to close around the second quarter of 2009.

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