Taking Aim

The $2.3-billion bid by International Petroleum Investment Co. (IPIC; Abu Dhabi), an Abu Dhabi state-controlled investment fund, to acquire Nova Chemicals highlights just how quickly M&A expectations are being reset. “Nova Chemicals effectively acknowledged that it did not have the stomach to face the current economic and petrochemical downturn with its relatively high level of financial leverage,” says Jeffrey Zekauskas, J.P. Morgan (New York) analyst. The company agreed to sell itself at “a far cry from the peak price for Nova of $52/share...

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