IPIC acquires NOVA Chemicals of Canada

Abu Dhabi, Feb. 24, 2009 (WAM) - International Petroleum Investment Company (IPIC) yesterday announced that, under the directives of its Chairman and UAE Minister of Presidential Affairs H.H. Sheikh Mansour bin Zayed Al Nahyan, it had acquired NOVA Chemicals of Canada at a total value of US$ 500 million. It is the company's first 100 percent acquisition since its establishment in 1984.
NOVA Chemicals will continue to manage its operations and set its business objectives from North America. NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America.
"This acquisition will provide enhanced balance sheet strength for NOVA Chemicals and facilitate NOVA Chemicals' growth internationally. We can provide stability and allow NOVA Chemicals to meet its operational and financial requirements while continuing to expand and invest in its business," stated Managing Director and Board Member, IPIC, Khadem Al Qubaisi.
"We look forward to work closely with the company's management to develop its activities and to diversify its portfolio in the future," he added.