Monday, February 23, 2009

Nova's Middle East saviour

Maybe we need a lot more foreign vultures at the table. Abu Dhabi's state owned IPIC has swooped in to offer $6 share for downtrodden Nova Chemicals Corp. (TSX:NCX, NYSE:NCX). Trading in NCX was notably slim last week as the stock stabilized after several weeks of heavy trading and gruesome losses. This offer was likely very swift in the making.
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