An Abu Dhabi investment vehicle has agreed to buy Canada’s Nova Chemicals in a $2bn deal to help it develop the world’s largest petrochemicals complex in the wealthy Gulf state.
The deal could also foreshadow more Middle Eastern money targeting foreign assets.
International Petroleum Investment Company, a government investment vehicle, said it had agreed with the management of Canada’s largest plastics producer to an all-cash deal at $6 a share, a premium of more than three times the company’s share price on NYSE on February 20.
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