Abu Dhabi Is Said to Weigh Options for $10 Billion Nova Business - Bloomberg:
Abu Dhabi’s Mubadala Investment Co. is exploring options for Nova Chemicals Corp., a Canadian plastics maker that could be valued at $10 billion or more, according to people with knowledge of the situation.
The sovereign wealth fund is working with financial advisers as it weighs what to do with the asset, including selling a stake to a Canadian pension fund or another company in the industry, said the people, who asked not to be identified as the matter is private. No final decisions have been made, and Mubadala may still decide to keep its holding in Nova, they said.
Abu Dhabi, like many of the governments in the Middle East, is seeking funds to diversify its economy away from oil, though opinions within the emirate have differed on which strategy to pursue, two of the people said. The emirate acquired debt-laden Nova in 2009, and the asset soon became one of its top investments after the Calgary-based company took advantage of the boom in North American shale.
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