BRIEF: Nova acquisition clears regulatory hurdles

Fri. July 03, 2009; Posted: 10:35 PM

Look up the PowerRating of NCX and see how it has performed over the past week as well as the current proprietary PowerRating.

Jul 03, 2009 (The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) -- NCX | Quote | Chart | News | PowerRating -- An Abu Dhabi company said today it received all regulatory approvals to complete the acquisition of Nova Chemicals Corp., based in Moon.

International Petroleum Investment Co., which is run by the Middle East nation's government, will now pay $6 per share in cash to holders of Nova stock. The $500 million deal, announced in April, also means International Petroleum will assume about $1.8 billion in Nova debt.

Nova Chemicals employs about 500 people between its headquarters in Moon and plant in Monaca, Beaver County. The company produces chemicals and plastics for the automobile and construction markets.

Company President Christopher Pappas said in April the new owners would remain committed to Pittsburgh, noting its proximity to major markets in the East and Midwest. Officials could not be reached today for further comment.

The deal is expected to formally be completed on Monday.

Thomas Olson can be reached via e-mail or at 412-320-7854.

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