IPIC given regulatory approval to buy Novaby Kevin Baxter on Jun 24, 2009
The proposed takeover of Nova Chemicals by the Abu Dhabi sovereign wealth fund International Petroleum Investment Company (IPIC) has been given the green light by US and Chinese regulators.
In a statement Nova said that both the Chinese commerce ministry and the US committee on foreign investment have approved the deal.
"Pending remaining regulatory approvals, the transaction is expected to close around the end of the second quarter of 2009," the statement said.
IPIC is believed to have paid around US$500 million cash for Nova in February of this year as well as taking $1.5 billion of the company’s debt, but needed regulatory approval before the deal could be finalised.