Feds OK Nova sale

Nova Chemicals Corp. could revert to new ownership today, after the federal government gave its blessing to the sale of the petrochemical giant.

Nova Chemicals Corp. could revert to new ownership today, after the federal government gave its blessing to the sale of the petrochemical giant.

Nova, whose operations include ethylene and polyethylene plants at Joffre, confirmed on Friday that the Canadian minister of industry has OK’d the company’s purchase by International Petroleum Investment Company (IPIC). That approval was issued pursuant to the Investment Canada Act.

IPIC struck a deal in February to buy the Pittsburgh-headquartered company for US$6 a share, or about US$2.3 billion, including assumption of debt.

The sale was subject to shareholder approval, which was satisfied in April, and government consent.

With the minister now on board, the transaction was expected to close as early as today.

IPIC is owned by the government of the Emirate of Abu Dhabi. However, Nova is expected to remain an independent company with its existing senior management unchanged.

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