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2/24/2009

Abu Dhabi to Buy Nova Chemicals

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WEB EXCLUSIVE Nova Chemicals Corp., of Calgary, Alberta (U.S. office in Pittsburgh) has agreed to the acquisition of all its outstanding shares by International Petroleum Investment Co. (IPIC), which is wholly owned by the Emirate of Abu Dhabi.

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WEB EXCLUSIVE Nova Chemicals Corp., of Calgary, Alberta (U.S. office in Pittsburgh) has agreed to the acquisition of all its outstanding shares by International Petroleum Investment Co. (IPIC), which is wholly owned by the Emirate of Abu Dhabi. This friendly takeover reportedly will leave Nova operating as an independent company with its current management. IPIC owns equity stakes in Borealis in Europe, Oman Polypropylene in the Sultanate of Oman, and other petrochemicals holdings in Europe, the Middle East, and Asia.

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