February 23rd, 2009 NOVA Chemicals
International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation announced today that they have entered into an agreement providing for the acquisition by IPIC of all of NOVA Chemicals' outstanding common shares for a cash consideration of US$6.00 per Share. The acquisition will be implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act.
The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange and NYSE up to and including February 20, 2009. The total value of the Arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion.
Based on a C$/US$ exchange rate of 1.2541, the cash consideration equates to C$7.52 per Share. The actual C$ equivalent cash consideration per Share will be based on the C$/US$ exchange rate at the time when the Arrangement is closed.
NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America.
The Arrangement is intended to enable NOVA Chemicals to meet all of its obligations to all of its stakeholders and will strengthen NOVA Chemicals’ balance sheet so that its strong assets will continue to operate and expand. As part of the Arrangement, IPIC has agreed to a US$250 million credit backstop facility to provide NOVA Chemicals with sufficient liquidity.
"The opportunity to join IPIC comes at a good time for NOVA Chemicals and will enable us to offer both stability and long-term growth to many of our stakeholders,” said Jeff Lipton, NOVA Chemicals' CEO. "IPIC is well financed and has a track record of working successfully with companies like ours.”
"Working with IPIC will enable NOVA Chemicals to continue to build on our world class technology and take it around the world,” said Chris Pappas, NOVA Chemicals' President
Under the Arrangement, NOVA Chemicals will operate as an independent chemicals and plastics company. It will continue to invest substantially in its Alberta and Ontario operating facilities, and also in its large and very productive research and development facilities in Calgary, AB.
"This acquisition will provide enhanced balance sheet strength for NOVA Chemicals and facilitate NOVA Chemicals' growth internationally. We can provide stability and allow NOVA Chemicals to meet its operational and financial requirements while continuing to expand and invest in its business,” stated Managing Director and Board Member, IPIC, H.E. Khadem Al Qubaisi. "We believe the cash consideration under the Arrangement is very attractive to NOVA Chemicals shareholders and that the Arrangement is a very positive development for NOVA Chemicals' employees and other stakeholders.”
NOVA Chemicals will continue to manage its operations and set its business objectives from North America. IPIC appreciates the high quality of NOVA Chemicals management and looks forward to working with the senior management team for the continued success and long-term growth of the company. IPIC encourages significant management autonomy while being available at the Board level to provide strategic guidance and governance. IPIC has no plans to change the current operations of NOVA Chemicals, and the current President and COO, Mr. Chris Pappas is expected to remain with the company as Chief Executive Officer upon the previously announced retirement of Mr. Je
and COO. "This Arrangement is a good opportunity for our employees and our customers to grow our business.”
The Arrangement will be subject to court and regulatory approval and other customary conditions, including the approval by holders of at least 662/3% of the Shares represented in person or by proxy at a special meeting of NOVA Chemicals shareholders to be scheduled in connection with the Arrangement.
The Arrangement is not subject to any financing condition.
An information circular regarding the Arrangement is expected to be mailed to NOVA Chemicals shareholders in March 2009 for a special meeting of NOVA Chemicals shareholders which is expected to be held in April 2009. The completion of the Arrangement would be expected to occur upon receipt of all final regulatory approvals.
The Board of Directors of NOVA Chemicals, after consultation with its financial and legal advisors, has determined that the Arrangement is fair, from a financial point of view, to NOVA Chemicals shareholders and is in the best interests of NOVA Chemicals and its shareholders. It has unanimously approved the Arrangement and resolved to recommend that NOVA Chemicals shareholders vote their Shares in favour of the Arrangement. In addition, each member of NOVA Chemicals' Board of Directors and executive leadership group has agreed to vote their Shares in favour of the Arrangement. Both UBS Investment Bank and RBC Capital Markets have provided opinions to NOVA Chemicals' Board of Directors that the consideration under the Arrangement is fair, from a financial point of view, to NOVA Chemicals' shareholders.
The Arrangement Agreement contains non-solicitation provisions which limit NOVA Chemicals' ability to solicit third party proposals, subject to a "fiduciary out” and to certain match rights in favour of IPIC. It also provides for a termination fee of US$15 million plus additional amounts payable under the Credit Agreement and other payments by NOVA Chemicals to IPIC in certain circumstances.
IPIC is confident that its acquisition of NOVA Chemicals will deliver significant benefits to Canada and the US, including providing stability to the operations, employees, customers, suppliers and stakeholders of NOVA Chemicals and the North American communities in which it operates.
IPIC recognizes the significant and robust capabilities of NOVA Chemicals' business and its employees. It is firmly committed to ensuring that NOVA Chemicals' business continues to play a leading role in the petrochemical industry, by providing both financial and employment stability and the opportunity to grow on the international stage.
IPIC is committed to continuing to invest in R&D as well as capital expenditure projects to maintain and expand the strength of NOVA Chemicals' current operations in North America.
IPIC is fully committed to the highest standards of corporate social responsibility, understanding that it is fundamental to preserve its long-term competitiveness in the global arena. Maintaining a high level of health, safety and environmental performance and a strong commitment to Responsible Care® in NOVA Chemicals' operations, and fully complying with all related laws, remain IPIC's highest priorities.
IPIC is wholly owned by the Government of the Emirate of Abu Dhabi. Its mandate is to invest in the hydrocarbon sector outside the Emirate of Abu Dhabi. IPIC looks to earn a commercial rate of return on its investments and is a long-term equity investor. IPIC has become one of the leading companies in the field of petroleum and energy investment since its inception in 1984. It plays an active role in the development of petrochemical sector in Abu Dhabi through facilitating joint ventures, which benefit from the technology and operating resources of companies in IPIC's portfolio and Abu Dhabi's feedstock advantages. IPIC holds equity stakes in Borealis & OMV in Austria and Germany (1998 & 1994, respectively), Aabar in Abu Dhabi (2008), Hyundai Oilbank in South Korea (1999), Gulf Energy Maritime in Dubai (2004), CEPSA in Spain (1988), Oman Polypropylene in the Sultanate of Oman (2006), PARCO Refinery in Pakistan (1995), SUMED Company in Egypt (1995), Energia De Portugal in Portugal (2008), COSMO Oil in Japan (2007), MAN Ferrostaal in Germany (2008) and Oil Search in Australia (2008). Its estimated net worth is more than US$14 billion.
Additional information on IPIC can be found at www.ipic.ae and at www.ipiccanada.com.
NOVA Chemicals is one of North America's leading plastics and chemicals companies, developing and manufacturing materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals generates approximately 45% of its revenue in the US, 35% of its revenue in Canada, and the remaining 20% in Europe and elsewhere.
NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier. NOVA Chemicals employees work to ensure health, safety, security and environmental stewardship through its commitment to Responsible Care®. NOVA Chemicals Shares are traded on the TSX and NYSE.
NOVA CHEMICALS BUSINESS SNAPSHOT ETHYLENE POLYETHYLENE STYRENE STYRENIC POLYMERS Manufacturing Sites
Capacity - Millions of Pounds
Corunna, Ontario, Canada 1,850 Joffre, Alberta, Canada(1) 4,800 2,350 Moore Township, Ontario, Canada 815 St. Clair River, Ontario, Canada 415 Channelview, Texas, USA(2) 400 Monaca, Pennsylvania, USA 475* Painesville, Ohio, USA 85 Quilicura, Chile 7 El Tepual, Chile Converter Total Site Capacities 6,650 3,580 400 567
* Includes production of select Styrenic Performance Polymers.
(1) Excludes Dow portion of ethylene capacity
NOVA Chemicals' Joffre manufacturing facility lies just east of Red Deer, Alberta, and is the largest ethylene and polyethylene complex in the world. The site actually consists of five manufacturing facilities: three for ethylene production and two for polyethylene production.
Joffre's first ethylene plant started production in 1979 and was the first manufacturing facility built by NOVA Chemicals. A second ethylene plant and a polyethylene plant began production in 1984.
In the year 2000, NOVA Chemicals started up a third ethylene plant, as part of a joint venture with DOW Chemical, that nearly double Joffre's ethylene production, taking it to 4.8 billion pounds (2165 kilotonnes) annually. At the same time, NOVA Chemicals began production of a second polyethylene plant with an annual rated capacity of 860 million pounds (390 kilotonnes) which uses proprietary processing technologies to produce performance products. In order to power the expanded Joffre facility, NOVA Chemicals, ATCO and EPCOR built a 450-megawatt gas-fired cogeneration facility in conjunction with these significant site additions. INEOS Oligomers operates a linear alpha olefins (LAO) facility on the Joffre site.
(2) This represents the equity position in the Lyondell Chemical Company, Channelview, Texas facility and does not include a short-term tolling arrangement for an additional 400 million pounds.
(equity position in the Lyondell Channelview facility and a long-term tolling arrangement associated with that interest)
IPIC
設立 １９８４年５月２９日
設立目的
アブダビ首長国外の石油、石油化学分野を主たる対象として投資し、自国産原油から派生する石油産業のバリューチェーン構築を目指す。
経営陣 会長
マンスール大統領官房大臣（故ザーイド大統領１３男）
社長 クベイシ（元ＡＤＩＡ）
出資者 アブダビ首長国政府 １００％
資産規模 非公開
石油下流への投資額は１３億５,０００万米ドルとも言われ、能力合計６４２,５００バレル／日の６つの製油所と２,８００の販売拠点を有している。
投資概要
アジアを中心として石油精製会社に資本参加することにより、間接的にアブダビ原油の安定した供給先の確保と共に石油精製技術を共有、更にはアジア域内の石油製品市場への参入を目指す。また、欧州企業とは共同出資によりアブダビに石化会社を設立し、石化プラントを運営。現在同国内で生産規模の拡張途上にあり、国内産業（製造業）育成の一端を担っている。一方で全ての投資案件は最高石油評議会（ＳＰＣ）の承認が必要。
主な投資
○ＵＡＥ
-アブダビ南西部の内陸油田ハブシャンからフジャイラまでの全長３６０ｋｍの原油パイプライン、及びフジャイラ港でのタンクターミナルの建設を計画。
-フジャイラにて５０万バレル／日の能力の輸出を主体とした製油所の建設を検討中。
○日本
コスモ石油の約２０％の株式を、第３者割り当て増資によって取得することを合意。２００７年１０月に払い込み完了予定。
○韓国
現代石油の株式７０％を現在保有するが、近々その半数（３５％）が売却される予定。
○パキスタン
-Ｐａｋ-Ａｒａｂ Ｒｅｆｉｎｅ
Ｃｏｍｐａｎｙ（ＰＡＲＣＯ）の株式４０％を保有。
-パキスタン政府との間で３０万バレル／日規模の製油所建設を検討中。ＩＰＩＣが７４％の出資を予定。
○オーストリア
-石油、ガス会社であるＯＭＶに１７.６％の出資。
-石化会社ボレアリスに６５％の出資。
-樹脂メーカーアグロリンツ・メラミン・インターナショナルに５０％出資。
○スペイン
Compania Espanola de Petroleos SA(CEPSA)へ２５％出資。同社との間でＪＶも設立。
○その他、オマーン（ＯＰＣ）、エジプト（Arab
Company）にも投資。
08/03/26
現代重、現代オイルバンク買収に向け法的措置
現代重工業が、アラブ系の投資会社が株式売却を進めている現代オイルバンクの買収に向け、法的手続きを踏んでいる。これにより、IPICの株式売却作業は長期化するものとみられる。
現代重工業は25日、取締役会を開き、現代オイルバンクの筆頭株主であるアラブ首長国連邦（UAE）の投資会社IPICが保有している現代オイルバンクの全株式に対し、株式購入のための権利を行使することにし、これをIPIC側に伝えたと明らかにした。また、IPICがこれを不服とする場合に備え、シンガポールの国際仲裁センターに法的紛争の仲裁も要請した。IPICは現代オイルバンクの株式70.00%（1億7155万7695株）を、現代重工業は19.87%をそれぞれ保有している。
これまでIPICは、GSカルテックスなど現代オイルバンクの買収に関心を示している企業と株式売却交渉を進めてきた。しかし、これに反発した現代重工業は21日、現代オイルバンクを買収する意向を示しているGSカルテックスなどGSグループの3社を相手取って株式買収禁止仮処分を法廷に申請するなど、株式売却作業を防ぐための法的手続きに乗り出した。
現代重工業の関係者は、「IPICは現代重工業など以前の現代系列の株主と2003年に結んだ株主間契約を違反した。契約内容に背いた場合、相手の持っている株式をすべて買収できるように定められている」と主張している。同関係者は「シンガポールの国際仲裁センターが仲裁に入れば、勝算は十分にある。その際の株式買収価格は決まっていない」と話している。
1999年にIPICが現代オイルバンクの株式を購入し、現代グループとIPICの株式保有率が50対50になるまでは、現代オイルバンクは100%現代グループの所有企業で、現代グループの系列会社のうち現代重工業が最も多くの株式を保有していた。