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IPIC and NOVA Chemicals announced the closing of the transaction
Companies International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation announced the completion of acquisition of NOVA Chemicals through a funding agreement ( "Agreement"). NOVA Chemicals will continue to operate segments of chemicals and plastics from its base in United States.
"We are very happy to end this transaction and are excited about the future opportunities that NOVA Chemicals will have to grow in Alberta and elsewhere," said Chris Pappas, President and CEO of NOVA Chemicals. "Our team is focused on leveraging renewed financial strength to bring our industry-leading technology from our operational base in Canada to the world. "
Under the Agreement, a wholly owned subsidiary of IPIC acquired ordinary shares issued and outstanding of NOVA Chemicals to $ 6.00 per share.
In short, it is expected to suspend the trading of shares in the stock exchanges in Toronto and New York.
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