International Petroleum Investment Co (Ipic) yesterday announced that, under the directives of its Chairman and UAE Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan, it has acquired Nova Chemicals of Canada for $500 million (Dh1.83 billion).
It is the firm's first 100 per cent acquisition since its establishment in 1984. Nova will continue to manage its operations and set business objectives.
"This acquisition will provide enhanced balance sheet strength for Nova and facilitate its growth. We can provide stability to meet its operational and financial needs," said Khadem Al Qubaisi, Ipic Managing Director and Board Member.