Nova Chemicals Corp. (NCX) of the Toronto Stock Exchange, shares are up 300% today to 5.38. Nova Chemicals agreed to sell for 6.00 a share to the IPIC (International Petroleum Investment Company) Nova Chemicals had been trading near it’s 52 week low due to debt concerns. As recently as September (NCX) had been trading as high as 28.00.

Nova Chemicals is one of Canada’s largest companies. The company specializes in the making of plastics.

“The International Petroleum Investment Company (IPIC) is the Abu Dhabi state enterprise which is responsible for all foreign investments in the oil and chemicals sector. It is supervised by the Supreme Petroleum Council of Abu Dhabi which oversees the United Arab Emirates’ oil and gas operations and related industries. The company is a subsidiary of the Abu Dhabi National Oil Company.”
The deal has been said to be worth 2.3 Billion.
There has already been talk about security concerns for the United States.

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