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Abu Dhabi’s IPIC Agrees to Acquire Nova Chemicals

10:27 AM MST | March 2, 2009 | LINDSEY BEWLEY AND ROBERT WESTERVELT

International Petroleum Investment Co. (IPIC; Abu Dhabi) has agreed to acquire Nova Chemicals for $6/share in cash. The deal values Nova at $2.3 billion including debt and will allow Nova to strengthen its balance sheet so that it can keep operating and expanding, Nova says. Lipton: This is ‘pretty clear’ the best alternative. “The company agreed to sell itself at a roughly 80% discount to replacement value and at a far cry from the peak price for Nova of $52 [per share] reached in 2004,” says Jeffrey J. Zekauskas, analyst at J.P. Morgan...

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