|
|
Article: Nova shareholders OK Abu Dhabi deal.(News)
- Article from:
- Plastics News
- Article date:
- May 11, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Frank Esposito
Nova Chemicals Corp.'s shareholders recently approved a deal by which the Pittsburgh-based maker of polyethylene, polystyrene and chemical feedstocks will be acquired by a Middle Eastern energy firm for about $500 million.
More than 98 percent of Nova shareholders approved the sale to International Petroleum Investment Corp. of Abu Dhabi, United Arab Emirates. A special resolution was needed under the Canada Business Corporations Act.
The deal, announced in early February, works out to an acquisition price of about $6 per share. Nova had been struggling with a heavy debt load and weak results, sending its per-share stock ...