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Nova in Discussions for Styrenix Joint Venture

1:40 PM MDT | February 7, 2007 | Peck Hwee Sim

Nova Chemicals says it is “aggressively” pursuing two joint venture options for its Styrenix unit, after having rejected the first round of purchase offers. The jv could be with two partners, says Jeff Lipton, president and CEO. “A jv will bring significant synergy,” Lipton says. “It would be hard for a buy-out proposal to be more attractive than a jv.” Nova would consider a spin-out to its shareholders if a jv does not materialize, he says. The company did not set a target date for a deal; it had previously sought to close a...

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