Business News
NOVA CHEMICALS UPDATE: NOVA CHEMICALS ANNOUNCES SHORT EXTENSION FOR CLOSING IPIC TRANSACTION
Saturday 04. July 2009 - NOVA Chemicals Corporation ("NOVA Chemicals") announced today that International Petroleum Investment Company ("IPIC") has agreed with the Investment Review Division of Industry Canada to an extension of its review under the Investment Canada Act of IPICs acquisition of NOVA Chemicals until July 6, 2009. NOVA Chemicals expects to close the transaction with IPIC shortly after receipt of the Investment Canada Act approval.
Additionally, NOVA Chemicals and its lenders have agreed to amended financial covenants for the remainder of 2009.
NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible Careâto ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.