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NCX.N

ISIN: CA66977W1095
SEDOL: 2265409

Rating:

HOLD

Target Price:

6.00 USD

Investment Horizon:

6 to 12 months
7th Jul 2009 View Report   Download

Company News Alert

On 06 July 2009, International Petroleum Investment Company (IPIC) completed acquisition of Nova Chemicals Corporation (Nova) by acquiring Nova's all outstanding shares. Nova's shares will cease trading on NYSE on 07 July 2009. Hence, we are terminating our coverage of the company. Nova's shares will cease trading on the TSX on 07 July 2009. Hence, we are terminating our coverage of the company....

24th Apr 2009 View Report   Download

1Q 09 News Alert

Nova Chemicals Corporation’s (Nova) 1Q 09 revenues and earnings were significantly below consensus estimates. The company is to be acquired by Abu Dhabi based International Petroleum Investment Company (IPIC) for US$6.00 per outstanding share. Hence we maintain our neutral outlook for the company at current price levels and reiterate the NYSE common stock a HOLD. We will continue to track the…

15th Apr 2009 View Report   Download

Company News Alert

On 14 April 2009, Nova Chemicals Corporation’s (Nova) shareholders approved the sale of the company to Abu Dhabi based International Petroleum Investment Company (IPIC), in lieu of US$6.00 in cash per outstanding share. The acquisition is now subject to approval from the regulatory and legal authorities of Canada. Considering IPIC’s offer price we don’t foresee any significant upside for the NYSE common stock from current price levels and hence downgrade…

24th Feb 2009 View Report   Download

Company News Alert

On 23 February 2009, Nova Chemicals Corporation (Nova Chemicals) announced that it had entered into an agreement to be acquired by Abu Dhabi based International Petroleum Investment Company (IPIC), in an offer of US$6.0 for each outstanding share. Given Nova Chemical’s delicate cash position, its looming bankruptcy risk and the premium on prevailing stock prices, we believe that shareholders will…

5th Feb 2009 View Report   Download

Company News Alert

CLICK VIEW REPORT TO READ FREE REPORT

On 04 February 2009, Nova Chemicals Corporation’s (Nova Chemicals) NYSE common stock price soared following market reports that the company had secured funding from institutional investors to refinance its debt, which was eventually found to be false. As we expect to revise our estimates downwards in our next update report given the company’s delicate…