11:52 AM EST - Nova Chemicals Corp. : has entered into an agreement with International Petroleum Investment Company, or IPIC, a wholly-owned enterprise of the Government of the Emirate of Abu Dhabi, whereby IPIC will buy all outstanding shares of Nova for approximately $2.3 billion U.S. cash, including Nova's net debt obligations. As per the agreement, the offer price is at $6 U.S. per share or approximately $7.52 Canadian per share, based on the exchange rate at the closure of the arrangement. Additionally, IPIC agreed to a $250 million U.S. credit backstop facility to provide Nova with sufficient liquidity. Nova Chemicals Corp.
shares T.NCX are trading up $4.97 at $6.63.
