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Canadian Regulators Extend Review of Nova-IPIC Deal

2:30 PM MDT | June 30, 2009 | Kara Sissell

Canadian regulators will extend until July 6 their review of International Petroleum Investment Co.'s (IPIC; Abu Dhabi) acquisition of Nova Chemicals, a request IPIC has agreed to, Nova says. IPIC announced in February it would acquire Nova for $6/share in cash, in a deal that values Nova at $2.3 billion, including debt. IPIC is a sovereign fund that targets global petrochemical investments and has a controlling stake in Borealis (Vienna), which itself owns a 50% stake in Borouge (Abu Dhabi). The investment review division of Industry Canada (Ottawa) is charged...

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