Nova Chemicals Bought by Abu Dhabi Firm
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Nova Chemicals(NCX Quote) has accepted a buyout offer from the Abu Dhabi investment firm International Petroleum Investment Co. (IPIC) worth roughly $2.3 billion on Monday.
IPIC will pay $6 per share for Nova, which was trading at $1.34 at the close of regular trading on Friday. IPIC will also assume all of Nova Chemical's outstanding debt, and will underwrite a $250 million credit backstop facility to help Nova Chemicals shore up liquidity.
Nova was caught in a cash squeeze along with its peers in the global petrochemical market as the global economy sunk into a recession last fall. The company accepted IPIC's buyout offer so that it can "meet all of its obligations to all of its stakeholders," according to a statement released Monday. ...
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