Nova Chemicals
From Taighde
Nova Chemicals is a chemical and plastic company based in Canada but primarily operates in the United States. The International Petroleum Investment Company purchased the company for $2.3 billion in cash. The deal was announced on February 23, 2009. IPIC will purchase Nova's shares at $6 a share. IPIC will provide an additional $250 million to the company to provide liquidity. The agreement will be reviewed by the Canadian Government before allowing the purchase. Nova's shareholders approved the deal in April 2009. The deal is expected to close in the second quarter in 2009.
One of the world's 60-largest petrochemical companies, according to ICIS Chemical Business, Nova in 2008 had revenue of $7.4 billion, but lost $48 million. In the last year, Nova's stock traded between a low of $1.10 a share, on Feb. 3, 2009, and a high of $31.96, on Feb. 27, 2008.
In 2008, Nova has revenues of $7.4 billion. However, they lost $48 million due to the economic downturn. Nova's stock had a terrible year in 2008 with having a high of $31.96 but dropping to $1.10.
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